Cult.fit files DRHP for ₹3,500-4,000 crore IPO as FY26 revenue jumps 41.6%
Fitness platform Cult.fit has filed for a ₹3,500-4,000 crore IPO with a ₹950 crore fresh issue and an OFS of up to 17.86 crore shares. Sellers include Chiratae, Temasek, Tata Digital, co-founder Mukesh Bansal and actor Hrithik Roshan. FY26 revenue rose 41.6% to ₹1,720.6 crore though net loss stood at ₹251.9 crore, with the company valued near $1.4 billion.
What happened
Fitness platform Cult.fit filed its DRHP for a ₹3,500-4,000 crore IPO, with fresh issue of ₹950 crore and OFS by investors including Chiratae, Temasek, Tata
Key facts
- IPO ₹3,500-4,000 crore
- fresh issue ₹950 crore
- OFS up to 17.86 crore shares
- pre-IPO placement up to ₹190 crore
- FY26 revenue ₹1,720.6 crore up 41.6%
- net loss ₹251.9 crore
- 708 fitness centres across 77 cities
- valued ~$1.4 billion
Why this matters
The DRHP filing and offer structure reveal a fitness platform seeking public validation while founders and strategic holders exit, creating a window to gauge sector multiples and potential partnership or consolidation plays in Indian fitness-tech.
What to watch
- Net loss trend and EBITDA breakeven guidance
- Membership retention, ARPU and same-center growth metrics
- Grey-market premium and anchor allocation strength
- Broader IPO market sentiment and consumer-tech listing performance
- Selling-shareholder lock-in and post-listing overhang
- SEBI review and observation timeline on DRHP
- Anchor-book roadshows emphasizing FY26 growth and loss-narrowing trajectory
- Possible fresh-issue resizing or OFS tranche adjustment before RHP
- Comparable-set benchmarking against listed consumer-fitness and D2C names
- Cost-optimization / center-expansion disclosures to support margin story