Cult.fit files DRHP for ₹4,000 Cr IPO with ₹950 Cr fresh issue
Fitness chain Cult.fit filed its DRHP with SEBI to raise up to ₹4,000 Cr via a ₹950 Cr fresh issue and 17.86 Cr-share OFS. It runs 708 centres across 77 cities and 29 EBOs, grew FY26 revenue 42% to ₹1,720.6 Cr, and narrowed net loss to ₹251.8 Cr.
What happened
Fitness chain Cult.fit filed its DRHP with SEBI to raise up to ₹4,000 Cr via fresh issue and OFS. It operates 708 centres across 77 Indian cities, grew FY26
Key facts
- ₹4,000 Cr IPO
- ₹950 Cr fresh issue
- 17.86 Cr OFS shares
- 708 fitness centres
- 77 cities
- 29 EBOs
- FY26 revenue ₹1,720.6 Cr
- net loss ₹251.8 Cr
Why this matters
A DRHP filing with only ₹950 Cr fresh issue against a heavy OFS suggests investor liquidity is the priority, opening potential partnership or acquisition conversations as Cult.fit consolidates its fitness ecosystem.
What to watch
- SEBI observations / DRHP approval timeline
- Price band announcement and implied revenue multiple
- Grey market premium trends in weeks before listing
- FY27 quarterly unit economics and same-centre revenue growth
- Broader IPO market sentiment and Nifty volatility
- Watch for anchor investor allocation and QIB subscription levels during book-build
- Expect competitor fitness/wellness chains to accelerate expansion or raise capital pre-emptively
- Monitor Cult.fit's shift toward higher-margin categories (nutrition, apparel, franchise EBOs) to defend valuation
- Existing PE/VC backers may signal partial vs full exit intentions via OFS structuring