Fitness App Keep Raises $38.3 Million In Lackluster Hong Kong IPO

What’s new: Keep Inc., China’s most popular fitness app backed by SoftBank’s Vision Fund and Tencent Holdings, raised HK$300 million ($38.3 million) from its initial public offering in Hong Kong, coming up short of a previous valuation.

Keep sold 10.8 million shares at HK$28.92 per unit, the lower end of its pricing range, the company said Tuesday. After commission and expenses, the net proceeds from the sale totaled HK$192 million.