Cult.fit has received SEBI's observations on its draft prospectus, the regulator's go-ahead for the Cult.fit IPO. The issue combines a fresh issue of up to ₹950 crore with an offer for sale of up to 17.86 crore shares by existing investors. SEBI's weekly status report shows the observations were issued in the week of 12 October 2026.
What is in the Cult.fit IPO?
| Item | Detail |
|---|---|
| Fresh issue | Up to ₹950 crore |
| Offer for sale | Up to 17.86 crore shares |
| Total size | Not stated in the filing; ₹3,500–4,000 crore as per an Economic Times report |
| Draft filed | 7 July 2026 |
| Lead managers | Axis Capital, Goldman Sachs (India), Jefferies India, JM Financial, Morgan Stanley India |
| Listing | BSE and NSE |
The ₹3,500–4,000 crore figure comes from the Economic Times, which links it to the share sale. The company has not given a price band or dates, so treat that number as a report until the red herring prospectus (RHP) is filed. The Economic Times report has the detail.
The sellers include Temasek-backed MacRitchie Investments, Fitness First Luxembourg, IDG Ventures India Fund, Tata Digital, Chiratae Trust, Schroders Capital, Twenty Nine Capital Partners and Accel India V (Mauritius), as per Moneycontrol. Money from the OFS goes to them, not to the company.
Where will the fresh money go?
The company plans to use the ₹950 crore to repay or prepay some borrowings and to open new fitness centres. It will also put money into its subsidiary Cultsport for exclusive brand outlets, pay lease obligations on existing centres, and spend on brand marketing. The rest is for general corporate purposes.
How big is the business?
Cult.fit runs gyms under the Cult Elite and Cult Neo formats and sells fitness products such as apparel, footwear and equipment. As of 31 March 2026 it had 708 centres in 77 cities and 9.87 lakh paying members. About 70% of revenue comes from fitness services and 30% from products.
| Financial year | Revenue from operations |
|---|---|
| FY2024 | ₹926.66 crore |
| FY2025 | ₹1,265.74 crore |
| FY2026 | ₹1,720.61 crore |
Revenue rose about 36% in FY2026. The adjusted EBITDA margin moved from negative 2.76% in FY2025 to 8.41% in FY2026, per the company's disclosures as reported by the Economic Times. Adjusted EBITDA is a profit measure before interest, tax and depreciation, and the company defines it itself.
What our data shows
At about ₹950 crore for the fresh portion alone, Cult.fit is the 33rd largest of the 46 IPO filings and plans we have tracked this year. Adding the share sale would move it up the list, but the full size is not confirmed. Separately, 64 companies have filed draft papers so far this month, according to our tracker.
What happens next
SEBI's observations let a company launch its IPO within 12 months, as per Moneycontrol. Cult.fit must still file an RHP and announce a price band and dates. Until then there is no IPO date. Track the pipeline on our upcoming mainboard IPO page. Three other companies cleared the same week, including Eswari Global, which we covered in our earlier report on its SEBI nod.
