The issue 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 DRHP, the company may also undertake a pre-IPO placement of up to Rs 190 crore.
Temasek-backed MacRitchie Investments will be the largest seller in the OFS, offloading up to 2.47 crore shares.
For FY26, the company reported an annual revenue of Rs 1,720 crore while its net losses reduced by 48% to Rs 252 crore.
Axis Capital, Goldman Sachs (India), Jefferies India and JM Financial are the book-running lead managers to the issue, while MUFG Intime India is the registrar.
Fitness and wellness platform Cult.fit has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).
The issue 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 DRHP, the company may also undertake a pre-IPO placement of up to Rs 190 crore. If completed, the size of the fresh issue will be reduced accordingly. The final IPO size will be determined after the price band is fixed, as the value of the OFS will depend on the issue price.
Temasek-backed MacRitchie Investments will be the largest seller in the OFS, offloading up to 2.47 crore shares. Other shareholders participating in the sale include Fitness First Luxembourg, IDG Ventures India, Tata Digital, Chiratae Trust, Accel entities, Kalaari Capital, Schroders Capital and co-founder Mukesh Bansal, who will sell up to 1.6 crore shares.
According to the DRHP, the company plans to use Rs 217.5 crore towards lease and rental payments for existing fitness centres, Rs 120 crore for repayment or prepayment of borrowings, and Rs 75 crore for brand marketing and business promotion. The remaining proceeds will be used for general corporate purposes.
Ahead of the filing, Cult.fit strengthened its board by appointing independent directors Kalpana Morparia, Arun M Kumar, Indu Bhushan and Pragya Misra to meet SEBI's corporate governance requirements.
According to the filing, the company has raised more than $714 million across 16 funding rounds and was last valued at around Rs 12,600 crore ($1.5 billion) following a $47.6 million Series G round in March 2026. Its existing investors include Tata Digital, Temasek, Accel, Kalaari Capital, Chiratae Ventures and Zomato.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit operates more than 700 fitness centres across India and also runs the Cultsport and Carefit businesses. For FY26, the company reported an annual revenue of Rs 1,720 crore while its net losses reduced by 48% to Rs 252 crore.
Axis Capital, Goldman Sachs (India), Jefferies India and JM Financial are the book-running lead managers to the issue, while MUFG Intime India is the registrar.
