Cult.fit files DRHP for IPO with ₹950 crore fresh issue plus OFS
India's largest fitness platform filed its DRHP with SEBI, pairing a ₹950 crore fresh issue with an OFS of ~17.86 crore shares. FY26 revenue rose 36.26% YoY to ₹1,720.6 crore with an 8.41% adjusted EBITDA margin. Proceeds fund new Cult Centres, Cultsport stores, debt repayment and marketing.
What happened
Cult.fit, India's largest fitness and active lifestyle platform, filed its DRHP with SEBI for an IPO comprising a ₹950 crore fresh issue plus OFS. Proceeds fund
Key facts
- fresh issue up to ₹950 crore
- OFS 17,86,09,200 equity shares
- revenue ₹17,206.06 million FY26
- 36.26% YoY revenue growth FY26
- 708 fitness centers across 77 cities
- 987,020 paid members
- Adjusted EBITDA margin 8.41% FY26
Why this matters
As India's largest fitness platform pursuing IPO proceeds for Cult Centre and Cultsport expansion, debt repayment and marketing, Cult.fit is consolidating category leadership and raising the bar for M&A or partnership entry points.
What to watch
- SEBI observations and final RHP pricing band
- Cohort retention and churn of the 987k paid members
- Adjusted vs reported EBITDA gap and cash burn trajectory
- OFS-to-fresh-issue ratio and anchor book quality
- Broader consumer-tech IPO listing performance as sentiment proxy
- Rival fitness/wellness players (HealthifyMe, Gold's Gym, Anytime Fitness) accelerate expansion or funding to defend share
- Cult.fit ramps Cult Centre and Cultsport store rollout to justify fresh-issue proceeds narrative
- PE/VC backers (Tata Digital, Accel, Temasek) manage OFS quantum to avoid overhang signal
- Bankers stress unit economics and cohort retention in roadshow to counter loss-making critique