Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

A highly collaborative investment professional and US software research analyst with 10+ years of international experience in equity research, treasury operations, and trading positions across multiple asset classes at leading multinational banks Citibank and Morgan Stanley, UHNWI-backed family office and European independent equity research firm. A respectable background in equity capital markets, corporate treasury, investment banking operations, equity research analysis and portfolio management.

Keep (3650): Mixed H123 and Slow Post-Pandemic Recovery. Will Growth Story Come To an End?

Keep Pre-IPO - Updates Since Our Last Note - Losses Have Been the Only Constant

Keep Pre-IPO - Market Leader in a Growing Market, However, Has Been on a Spending Spree

Equity Capital Markets

<ul>
<li>Keep Inc., the largest online fitness platform in China, set terms for HK IPO and plans to raise ~HK$667M at the high end of the range at HK$61.46/share. </li>
<li>CICC is leading the offering and <a href="https://www.smartkarma.com/entities/keep-inc" target="_blank" data-smartkarma-citation="entities:35947:1" rel="noopener">Keep Inc (KEEP HK)</a> will trade under the stock code “3650”. The company offers ~10.8M shares at a price range of HK$28.92-HK$61.46.</li>
<li>The low end of the range implies an IPO valuation of HK$15B, which looks attractive and is equal to the last round valuation of ~$2B that was led by SoftBank.</li>
</ul>


Keep Inc., the largest online fitness platform in China, set terms for HK IPO and plans to raise ~HK$667M at the high end of the range at HK$61.46/share. 
CICC is leading the offering and Keep Inc (KEEP HK) will trade under the stock code “3650”. The company offers ~10.8M shares at a price range of HK$28.92-HK$61.46.
The low end of the range implies an IPO valuation of HK$15B, which looks attractive and is equal to the last round valuation of ~$2B that was led by SoftBank.


Keep IPO Valuation Analysis: The Minimum Offer Price Looks Attractive. Trading Debut: July 12, 2023