Cult.Fit files draft IPO papers with Rs 950 crore fresh issue
Cult.Fit's draft IPO features a Rs 950 crore fresh issue to fund new fitness centres, debt repayment, and Cultsport retail expansion. FY26 revenue rose 41% to Rs 1,720.6 crore while net loss narrowed to Rs 251.9 crore. Tata Digital and other investors will partially exit via OFS.
What happened
Cult.fit · Cult.Fit filed draft IPO papers with a Rs 950 crore fresh issue to fund new fitness centres, debt repayment, and Cultsport retail expansion. FY26
Key facts
- Rs 950 crore fresh issue
- revenue Rs 1,720.6 crore FY26
- revenue up 41% YoY
- net loss Rs 251.9 crore
- fitness services ~70% of revenue
Why this matters
Tata Digital and other backers partially exiting via OFS signals a maturing cap table and potential post-listing consolidation opportunities in the fitness and connected-retail space.
What to watch
- SEBI approval / observation letter timing
- Final IPO valuation vs last private round markdown
- OFS-to-fresh-issue ratio and lock-in for Tata Digital
- Same-center membership growth and churn metrics in RHP
- Peer fitness/D2C listing performance as sentiment proxy
- Watch for SEBI observations and updated DRHP with price band
- Track anchor-book commitments and QIB demand indicators
- Monitor Cultsport retail expansion capex disclosure and unit economics
- Assess debt-repayment allocation vs new-center spend split from fresh issue