My Take on Double Dragon

Before all the hype, I was impressed at the company behind the rehabilitation of the W.H. Taft Residences in De La Salle University Manila, because the location of that project was really, really great. The plot of land was almost part of the campus. 

However, when I heard that the proceeds of the IPO will be used to build more malls in the country, it left a little question at the back of my mind. 

Don't we already have too many malls in the country? Even before the offer, I was already worried that Henry Sy was building too many malls, and now another IPO to build more malls?

I know the man behind this is the founder of Mang Insasal Chicken who sold it to Jollibee at roughly P4 Billion in 2004, and Jollibee is buying a huge stake of his property company.

The proforma net tangible book value after the offer is P 0.74

They are selling these for P 2.00. The highest it went so far was P 4.42, nearly 6 times the cost of its physical assets on hand.

Am I missing something here?

Update: 2 days since listing day, Double Dragon or DD has become the speculators dream. The company which sold originally for P2 apiece now sells P4 more, in its second day! Opportunities abound!