Cult.fit files DRHP for IPO with Rs 950 crore fresh issue plus OFS
India's largest fitness platform Cult.fit (formerly Curefit) has filed its draft papers with SEBI. The IPO combines a Rs 950 crore fresh issue with an offer for sale of 17.86 crore shares. Proceeds will fund new Cult Elite and Cult Neo centres, Cultsport EBO expansion and debt repayment.
What happened
Cult.fit (formerly Curefit) filed its DRHP with SEBI for an IPO comprising a Rs 950 crore fresh issue plus OFS. Proceeds fund new Cult Elite/Neo centres,
Key facts
- Rs 950 crore fresh issue
- 17,86,09,200 OFS shares
- 708 fitness centres
- 77 cities
- 987,020 paid members
- 4.23 million products
- Rs 1,720.61 crore FY26 revenue
- 8.41% adj EBITDA margin FY26
Why this matters
As India's largest fitness platform files its DRHP at a thin ~8% EBITDA margin, watch for consolidation openings in Cultsport EBO retail and regional fitness chains that could complement or compete with a soon-to-be-public leader.
What to watch
- SEBI observations / final approval timeline
- Price band and valuation multiple vs revenue (Rs 1,720 cr)
- Anchor book subscription levels
- Same-centre membership retention and ARPU disclosures
- OFS size vs fresh issue ratio (promoter/PE exit signal)
- Broader consumer-tech IPO sentiment post-recent listings
- Anchor investor roadshows emphasizing EBITDA turnaround and Elite/Neo premium format economics
- Aggressive Cult Elite and Cult Neo centre launches to show growth runway pre-listing
- Cultsport EBO retail expansion to diversify revenue beyond gym subscriptions
- Debt repayment from fresh issue to clean up balance sheet ahead of pricing
- Competitors (Anytime Fitness, Gold's Gym, boutique studios) accelerate expansion to defend share