Peak Sports, a retailer backed by venture capital firm Sequoia Capital, raised HK$1.72 billion ($221 million) in its Hong Kong initial public offering, according to a source with direct knowledge of the deal.

Peak sold 419 million shares at HK$4.10 per share, and the offer was more than 20 times over subscribed, said the source, who was not authorised to speak publicly about the IPO.

The company plans to list on the Hong Kong exchange on Sept. 29.

Credit Suisse is handling the offering. (Reporting by Michael Flaherty; Editing by Jacqueline Wong)