Science & TechStartups
Cult.fit gets SEBI nod for IPO with ₹950 crore fresh issue
The fitness chain, which runs 708 centres in 77 cities, can now go ahead with a public issue that also lets Temasek, Accel and co-founder Mukesh Bansal sell shares.
Key points
- SEBI issued its final observation on 12 October, clearing Cult.fit's IPO.
- The issue has a fresh issue of up to ₹950 crore and an offer for sale of up to 17.86 crore shares.
- Cult.fit's FY26 loss narrowed to ₹251.8 crore on revenue of ₹1,720.6 crore.
Cult.fit has cleared the market regulator’s review for its initial public offering. The Securities and Exchange Board of India issued its final observation on the fitness company’s offer documents on 12 October, about three months after the draft papers were filed in July.
The issue combines fresh shares worth up to ₹950 crore with an offer for sale of up to 17.86 crore shares by existing investors. The total size is reported to be around ₹4,000 crore. Temasek (through MacRitchie Investments), Schroders Capital, LifeFit Group, Accel, Tata Digital and co-founder Mukesh Bansal plan to sell part of their holdings.
The company will spend the money from the fresh issue on new gyms, lease and rent payments, repaying debt, new exclusive brand outlets and marketing. Axis Capital, Goldman Sachs, Jefferies India, JM Financial and Morgan Stanley India are managing the issue.
The numbers
Cult.fit’s operating revenue rose 41.5% in 2025-26 to ₹1,720.6 crore, and its net loss narrowed to ₹251.8 crore from ₹480.8 crore a year earlier.
As of 31 March 2026, it ran 708 centres in 77 cities, 218 of them owned by the company, and had more than 9.87 lakh paying members.
The clearance comes during a busy week for new-age listings. Zetwerk and Tonbo Imaging have both had their IPOs open for subscription. Cult.fit has not said when it will launch its own issue.