Cult.Fit files DRHP to raise Rs 950 Cr fresh issue, plus OFS of 178.6M shares
Cult.Fit's draft IPO papers target new fitness centres (Rs 276.6 Cr), Cultsport retail expansion (Rs 23.4 Cr), debt and marketing. FY26 revenue hit Rs 1,720.6 Cr with net loss narrowing to Rs 251.9 Cr. Products segment now 30% of revenue at Rs 522.8 Cr, backed by Tata Digital, Temasek and Accel.
What happened
Cult.fit · Cult.Fit filed DRHP with SEBI to raise Rs 950 Cr via fresh issue plus OFS. Funds target new fitness centres, leases, debt, marketing and Cultsport
Key facts
- Rs 950 Cr fresh issue
- 178.6 million shares OFS
- Rs 276.6 Cr new centres
- Rs 23.4 Cr Cultsport expansion
- FY26 revenue Rs 1,720.6 Cr
- FY26 net loss Rs 251.9 Cr
- products segment Rs 522.8 Cr (30%)
- 4-6% market share
Why this matters
With Tata Digital, Temasek and Accel anchoring and products now a Rs 522.8 Cr segment, Cult.Fit's diversified fitness-plus-retail model reshapes the competitive landscape for both gym chains and sportswear players.
What to watch
- Final price band and OFS/fresh-issue split disclosure
- H1 FY27 loss trajectory and unit economics per centre
- Products segment margin and gross-margin trend vs services
- Subscriber churn and same-centre revenue growth
- Grey market premium ahead of listing
- SEBI review of DRHP and observation letter timeline
- Anchor investor roadshows targeting Tata Digital ecosystem and global funds
- Aggressive Cultsport retail store rollout and marketing spend from IPO proceeds
- Competitor response from Tata Neu, Decathlon, and gym chains on pricing