Cult.fit files draft IPO papers with SEBI to raise up to ₹950 crore

Hrithik Roshan is set to partially monetise his investment in fitness and lifestyle platform Cult. fit by selling 6.33 lakh equity shares through the company's proposed initial public offering (IPO). Cult. fit's IPO comprises a fresh issue of equity shares worth up to Rs 950 crore, along with an offer-for-sale of up to 17.86 crore equity shares by existing shareholders, including Hrithik Roshan and several early investors.

The company may undertake a pre-IPO placement of equity shares aggregating up to ₹190 crore before filing the Red Herring Prospectus

New Delhi, Jul 7: Fitness services platform Cult.fit Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).IPO structure and shareholdersThe proposed IPO comprises a fresh issue of equity shares worth up to Rs 950 crore and an offer-for-sale (OFS) of up to 17.86 crore equity shares by existing shareholders, according to the draft red herring prospectus (DRHP) filed with Sebi on Monday.MacRitchie Investments Pte Ltd, Fitness First Luxembourg SCA, IDG Ventures India Fund III LLC, Tata Digital, Chiratae Trust, Schroders Capital Private Equity Asia Mauritius IV Ltd, Twenty Nine Capital Partners Ltd Partnership and Accel India V (Mauritius) Ltd are among the selling shareholders participating in the offer-for-sale (OFS).In addition, Mukesh Bansal, Bruno Eduard Raschle, and actor Hrithik Rakesh Roshan are offloading shares through the OFS.Also Watch:Use of IPO proceedsThe Bengaluru-headquartered company proposes to utilise the proceeds from the fresh issue towards repayment or prepayment of certain borrowings, expansion of its fitness centre network, investment in subsidiary Cultsport Pvt Ltd for setting up new exclusive brand outlets, lease-related payments for existing centres, brand marketing and general corporate purposes.The company may undertake a pre-IPO placement of equity shares aggregating up to Rs 190 crore before filing the Red Herring Prospectus (RHP). If the pre-IPO placement is completed, the size of the fresh issue will be reduced to the extent of the amount raised.Company growth and operationsCult.fit, formerly Curefit Healthcare Pvt Ltd, is India's largest fitness and active lifestyle platform by the number of fitness centres in its network as of March 31, 2026, according to a Redseer report cited in the DRHP.As of March 31, 2026, the company operated 708 fitness centres across 77 cities.In FY26, it had a transacting base of 9.87 lakh paid fitness services members and shipped over 42.3 lakh fitness products.Cult.fit Files DRHP For ₹950 Crore IPO, OFS Could Take Issue Size To ₹4,000 CroreFinancial performance and managersThe company's revenue from operations rose 36.26 per cent year-on-year to Rs 1,720.61 crore in FY26 from Rs 1,262.80 crore in FY25. It derives around 70 per cent of its revenue from fitness services, while the remaining 30 per cent comes from its fitness products business.Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial and Morgan Stanley India are the book-running lead managers to the issue.(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)

Indian fitness and wellness platform Cult.fit Ltd has filed preliminary documents with the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO), marking its move towards becoming a publicly listed company.According to the draft red herring prospectus (DRHP), the IPO will include a fresh issue of shares worth up to ₹950 crore. In addition, existing investors will participate through an offer-for-sale (OFS) component, which could increase the overall size of the issue to nearly ₹4,000 crore, according to people familiar with the development.Several prominent investors are looking to sell shares through the OFS. These include global investment firm Temasek, Fitness First Luxembourg S.C.A., Chiratae Ventures, Tata Digital, Accel India, Kalaari Capital and Schroders Capital. Together, these shareholders may sell up to 178.6 million shares as part of the offering.Other selling shareholders include Asian Paints promoter entity Doli Trading and Investments Pvt Ltd, hospitality company Sun N Sand Hotels Pvt Ltd and investment vehicles linked to angel investors and celebrities. These include Endiya Partners, a family trust linked to former Myntra CEO Ananth Narayanan and actor Hrithik Roshan’s investment arm, Extreme Brands.Cult.fit founder Mukesh Bansal, angel investor Bruno Raschle and Hrithik Roshan are among individual shareholders who are also selling stakes. However, Eternal Ltd, which acquired a 6.4% stake in Cult.fit in 2021, will not participate in the share sale.The company plans to utilise proceeds from the fresh issue for expanding its fitness centre network, funding lease payments for existing facilities, repaying debt, strengthening brand marketing initiatives and investing in subsidiaries.Cult.fit may also explore a pre-IPO placement of up to ₹190 crore. If completed, the amount raised through the fresh issue will be reduced accordingly.The company is currently awaiting regulatory approval from Sebi. While listing remains the long-term objective, Cult.fit is expected to adopt a flexible timeline and may wait for favourable market conditions before launching the IPO.Cube Highways Trust Plans ₹5,000-Crore IPO This Month, InvIT Eyes Wider Investor Base And Better Market Liquidity Founded in 2016 by Myntra co-founder Mukesh Bansal and Ankit Nagori, Cult.fit operates 708 fitness centres across 77 Indian cities. The company reached a valuation of around $1.5 billion during a funding round in 2021 and later received additional investment, including ₹440 crore from Temasek in March.Axis Capital, Goldman Sachs, Jefferies India, JM Financial and Morgan Stanley India have been appointed as bankers for the proposed share sale.

Cult.fit plans to use the IPO proceeds for debt repayment, expansion and investment in Cultsport after strong FY26 growth

Fitness platform plans a fresh issue of up to Rs 950 crore alongside an offer for sale as it looks to expand gyms, Cultsport stores and strengthen its balance sheet