Report
EUR 88.49
For Business Accounts Only
Keep is an online fitness platform, offering online fitness content, smart fitness devices and fitness products. The firm aims to develop a closed-loop system where its offerings are complementary, thus servicing an individual’s entire fitness life cycle.
The firm’s track record has been strong owing to the pandemic, having increased both its MAU and share of subscribers. Its largest segment has seen an increase in purchasing user count as well, while ticket size per user has been on the rise. Keep is also the market leader in the nascent and faster growing online fitness market.
However, in its quest for growth, profitability has suffered while the firm continues to burn cash. Sitting on a net cash pile of approximately US$1.6bn (Pre-IPO) gives it around two years runway, relative to its cash burn for 9M21. Operating data has been scarce as well, leaving its ability to sustainably attract and retain customers over a longer term horizon, unclear to us.
Keep Pre-IPO
Keep is looking to raise around US$500m in its upcoming Hong Kong IPO.Keep is an online fitness platform, offering online fitness content, smart fitness devices and fitness products. The firm aims to develop a closed-loop system where its offerings are complementary, thus servicing an individual’s entire fitness life cycle.
The firm’s track record has been strong owing to the pandemic, having increased both its MAU and share of subscribers. Its largest segment has seen an increase in purchasing user count as well, while ticket size per user has been on the rise. Keep is also the market leader in the nascent and faster growing online fitness market.
However, in its quest for growth, profitability has suffered while the firm continues to burn cash. Sitting on a net cash pile of approximately US$1.6bn (Pre-IPO) gives it around two years runway, relative to its cash burn for 9M21. Operating data has been scarce as well, leaving its ability to sustainably attract and retain customers over a longer term horizon, unclear to us.
Underlying
Keep Inc
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Clarence Chu
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