Cult.Fit files DRHP for Rs 3,500-4,000 cr IPO; Hrithik Roshan, Temasek among sellers
Fitness platform Cult.Fit filed for a Rs 3,500-4,000 crore IPO comprising a Rs 950 crore fresh issue plus OFS of up to 178.6 million shares. FY26 revenue rose 41.6% to Rs 1,720.6 crore with net loss narrowing to Rs 251.9 crore and adjusted EBITDA of Rs 144.8 crore. Operates 708 centres across 77 cities with 987,020 paid members.
What happened
Cult.fit · Fitness platform Cult.Fit filed DRHP for a Rs 3,500-4,000 crore IPO (Rs 950 crore fresh issue plus OFS). Hrithik Roshan, Temasek, Tata Digital among
Key facts
- Rs 3,500-4,000 crore offer
- fresh issue Rs 950 crore
- OFS up to 178.6 million shares
- 708 fitness centres across 77 cities
- 987,020 paid members
- FY26 revenue Rs 1,720.6 crore up 41.6%
- net loss Rs 251.9 crore
- adjusted EBITDA Rs 144.8 crore
- valued ~$1.4 billion
Why this matters
The DRHP with a modest Rs 950 crore fresh issue against a large OFS (Temasek, Hrithik Roshan selling) frames this as primarily a liquidity event for early backers, shaping how peers and acquirers benchmark fitness-platform valuations.
What to watch
- SEBI observation letter and final price band vs the $1.4bn ask
- Anchor allocation quality and subscription multiples across QIB/HNI/retail
- Same-centre revenue growth and paid-member additions in updated RHP
- Adjusted-EBITDA-to-net-loss bridge scrutiny; whether losses keep narrowing
- Peer new-age listing performance (grey market premium sentiment) during the window
- Rivals (Fitternity/Anytime, Gold's Gym franchisees, boutique studios) accelerate corporate-tier and pricing promos to defend share ahead of listing
- Cult.Fit ramps ARPU levers (Cult Sport retail, at-home, insurance/wellness bundles) to shore up unit economics pre-roadshow
- Selling shareholders and bankers stage anchor-book meetings; expect valuation trial-balloons in the press
- Analysts model 708-centre store economics and paid-member churn (~987k members) as the core scrutiny point