Cult.Fit files DRHP for IPO up to ₹4,000 crore as 36 investors line up OFS exits

Fitness platform Cult.Fit filed its draft prospectus with Sebi, combining a fresh issue of up to ₹950 crore with a 178.6 million-share OFS and a pre-IPO placement of up to ₹190 crore. Proceeds fund new centres, leases, debt repayment and marketing. FY26 revenue hit ₹1,721 crore, up 40%, but it remains loss-making at ₹252 crore.

— Source publishedTue, 7 Jul, 2026, 10:07 IST·First seen Tue, 7 Jul, 2026, 10:08 IST·Source Mint · Markets

What happened

Cult.fit · Fitness platform Cult.Fit filed DRHP with Sebi for an IPO of up to ₹950 crore fresh issue plus OFS, potentially ₹4,000 crore total. Proceeds fund new

Key facts

  • fresh issue up to ₹950 crore
  • IPO size up to ₹4,000 crore
  • 178.6 million OFS shares
  • pre-IPO placement up to ₹190 crore
  • 708 fitness centers
  • 77 cities
  • FY26 revenue ₹1,721 crore
  • 40% growth
  • FY26 loss ₹252 crore
  • $1.5 billion valuation
  • ₹440 crore Temasek investment

Why this matters

With proceeds earmarked for new centres, leases, debt repayment and marketing plus a ₹190 crore pre-IPO placement, Cult.Fit is capitalizing for aggressive expansion—watch for consolidation plays or partnership openings in India's fragmented fitness market.

What to watch

  • SEBI observation letter and final approval timing
  • Anchor book composition and QIB subscription levels
  • Price band relative to last private round valuation
  • Same-center revenue and membership retention disclosures
  • Broader IPO market tone and peer consumer-tech listings
  • Anchor investor roadshows emphasizing unit economics and path to profitability
  • Aggressive marketing spend and center additions to sustain 40% growth narrative ahead of pricing
  • Debt repayment from fresh issue to clean up balance sheet for public scrutiny
  • Cost discipline messaging to narrow loss trajectory in interim updates

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