FAST NEWS: Keep Inc. IPO gets green light, but fundraising shrinks
The latest: Online fitness platform Keep Inc. has passed its listing hearing and has the chance to become the “No. 1 sports technology stock” in Hong Kong, according to a new Hong Kong Stock Exchange filing.
Looking up: Passing the listing hearing means the company has been approved to list on the Hong Kong Stock Exchange, and it is expected to launch its investor roadshow and start the offer process soon.
Take Note: According to market sources cited by the media, the company plans to raise $100 million, which is significantly less than the $500 million last year rumored it would raise.
Digging Deeper: Keep was founded in 2015 and launched its online fitness platform business with its own structured fitness classes. It has since gone through eight rounds of financing, raising over $600 million in total and valuing the company at over $2 billion. The company had planned to list in the U.S. two years ago, but eventually switched to Hong Kong after its third application was approved due to increased regulation by China’s securities regulators on overseas listings.
Market Reaction: Shares of Tencent, one of Keep’s shareholders, fell on Friday and closed down 1.6% at HK$335 by the midday break. The stock now trades near the upper end of its 52-week range.
Translation by Jony Ho
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