Fitness and active lifestyle platform Cult.fit has taken the first step towards its public market debut by filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on July 6, 2026. The proposed IPO comprises a fresh issue of equity shares worth ₹950 crore and an Offer for Sale (OFS) of up to 17.86 crore equity shares by existing shareholders. The company’s equity shares are proposed to be listed on both the BSE and NSE.

The company is yet to announce key IPO details, including the price band, lot size, anchor investor bidding date, and the opening and closing dates for the public issue.

Cult.fit IPO - Issue Details

Issue Type: Book-Built Issue (Fresh Issue + OFS)
Total Issue Size: To be announced
Fresh Issue: Up to ₹950 crore
Offer for Sale (OFS): Up to 17.86 crore equity shares
Face Value: ₹1 per equity share
Price Band: Yet to be announced
Lot Size: Yet to be announced
Listing: BSE, NSE
Book Building Lead Managers: Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, JM Financial Limited and Morgan Stanley India Company Private Limited
Registrar: KFin Technologies Limited

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Key Selling Shareholders in the Cult.fit IPO

The Offer for Sale (OFS) comprises up to 17.86 crore equity shares by a mix of institutional investors and individual shareholders.

Prominent investor selling shareholders include MacRitchie Investments Pte. Ltd., Fitness First Luxembourg S.C.A., IDG Ventures India Fund III LLC, Tata Digital Private Limited, Chiratae Trust, Accel India IV (Mauritius) Limited, Accel India V (Mauritius) Limited, Kalaari Capital Partners Opportunity Fund, LLC., Schroders Capital Private Equity Asia Mauritius IV Limited, and Epiq Capital B, L.P.

The individual selling shareholders include Cult.fit co-founder Mukesh Bansal, Bruno Eduard Raschle, James Sha, Asaf Avidan Antonir, and actor Hrithik Rakesh Roshan, among others.

Cult.fit IPO Pre-IPO Placement

Cult.fit may undertake a pre-IPO placement of equity securities worth up to ₹190 crore before filing the Red Herring Prospectus (RHP), subject to applicable regulations. If the placement is completed, the amount raised will be deducted from the ₹950 crore fresh issue, while the Offer for Sale (OFS) component will remain unchanged. As per the DRHP, the pre-IPO placement, if undertaken, will not exceed 20% of the fresh issue size.

Utilisation of IPO Proceeds

The Company proposes to utilise the net proceeds from the fresh issue for the following purposes:

Capital expenditure towards setting up of new Cult Elite and Cult Neo centres
Expenditure towards lease, rent and license agreement-related payment of existing identified centres operated by the Company
Repayment or prepayment, in full or in part, of certain borrowings availed of by the Company
Brand marketing, advertising and business promotion to enhance brand awareness
Investment in its subsidiary, Cultsport Private Limited, for capital expenditure towards setting up of new Exclusive Brand Outlets (EBOs).
General Corporate Purposes.

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About Cult.fit Limited

Cult.fit 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 the Redseer Report. The company offers an integrated ecosystem of fitness services and active lifestyle products through its mobile application, website, and offline fitness centres. Its offerings include gym memberships, trainer-led group classes, at-home workout programs, fitness equipment, recovery products, accessories, and activewear.

As of March 31, 2026, Cult.fit operated 708 fitness centres across 77 cities in India and had 987,020 paid fitness members, making it one of the country's largest organised fitness networks.

Key Financial Highlights

Particulars	FY26 (in ₹ Cr.)	FY25 (in ₹ Cr.)	FY24 (in ₹ Cr.)
Revenue from Operations	1,720.60	1,215.53	926.66
Profit After Tax (PAT)	(251.85)	(480.82)	(888.49)
Adjusted EBITDA	144.78	(33.53)	(140.19)

What Lies Ahead for the Cult.fit IPO

The DRHP will now undergo SEBI's review process. Following regulatory observations and approvals, the company is expected to file its Red Herring Prospectus (RHP), after which it will disclose the IPO price band, issue dates, and other subscription-related details before opening the issue to investors.

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