Cult.fit Chases IPO Gains, Targets ₹950 Crore Raise
Cult.fit Limited, the country's biggest fitness chain by number of centres, has submitted its draft red herring prospectus to SEBI, dated July 6, 2026. The offer consists of a fresh issue worth up to ₹950 crore, along with an offer for sale (OFS) of up to 17.86 crore shares.
- Republic Business
- 2 min read
Cult.fit Limited, the country's biggest fitness chain by number of centres, has submitted its draft red herring prospectus to SEBI, dated July 6, 2026.
The offer consists of a fresh issue worth up to ₹950 crore, along with an offer for sale (OFS) of up to 17.86 crore shares. Proceeds from the OFS portion will go entirely to the selling shareholders, not the company itself.
Axis Capital, Jefferies, JM Financial, Goldman Sachs, and Morgan Stanley are serving as the five book-running lead managers for the issue. The shares will be listed on both Indian stock market indices, BSE and NSE, however, the price band is yet to be announced.
Major investors including Temasek, Fitness First Luxembourg S.C.A., Chiratae Ventures, Tata Digital, Accel India, Kalaari Capital, and Schroders Capital are offloading up to 178.6 million shares through the OFS.
The list of selling shareholders also includes Doli Trading and Investments Pvt, a promoter entity of Asian Paints; hospitality company Sun N Sand Hotels Pvt.
Several high-profile angel and celebrity-linked vehicles, among them Sateesh Andra's Endiya Partners, a family trust belonging to former Myntra CEO Ananth Narayanan, and Extreme Brands, actor Hrithik Roshan's HRX investment arm are also involved.
Individual shareholders selling stakes include founder Mukesh Bansal, angel investor Bruno Raschle, and Hrithik Roshan.
Eternal Ltd, which picked up a 6.4% stake in Cult.fit back in 2021, is not offloading any shares.
According to the Draft Red Herring Prospectus (DRHP), proceeds from the fresh issue will be used to set up new fitness centres, fund lease agreements for existing centres, repay debt, support brand marketing, and invest in subsidiaries.
Founded in 2016, Cult.fit runs 708 fitness centres across India and counted more than 987,000 paid members as of March 31, 2026. The company sells memberships through several channels, including its app and website, corporate partnership programmes, and direct sales at its centres.
The IPO comes at a time when consumer spending is shifting toward preventive healthcare and wellness, fuelled by rising disposable incomes and growing health awareness.
The listing adds to what's already shaping up to be a packed year for India's IPO market, with potential blockbuster offerings from Jio Platforms and the National Stock Exchange also lined up to test investor appetite.
Published By : Hrishita Kumar
Published On: 7 July 2026 at 11:37 IST