India’s largest organised fitness network has taken its most concrete step yet toward a public listing. Cult.fit Healthcare Limited filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India on July 6, 2026, formally initiating the process for an initial public offering. The proposed IPO comprises a fresh issue of equity shares worth up to ₹950 crore alongside an Offer for Sale of up to 17.86 crore equity shares by existing shareholders — with the total IPO size expected to touch as much as ₹4,000 crore depending on the price band. The equity shares are proposed to be listed on both BSE and NSE.
The OFS component features an impressive seller list. MacRitchie Investments, Fitness First Luxembourg, IDG Ventures India, Tata Digital, Chiratae Trust, Accel India, Kalaari Capital, Schroders Capital, and co-founder Mukesh Bansal are among those offloading shares. Actor Hrithik Roshan and angel investor Bruno Raschle are also participating in the OFS making this one of the more eclectic seller lists in recent Indian IPO history.
“Cult.fit files draft IPO papers with SEBI to raise up to Rs 950 crore via fresh issue. OFS of up to 17.86 crore shares by existing investors including Temasek, Tata Digital, Accel, Mukesh Bansal and Hrithik Roshan. Total IPO could be Rs 4,000 crore.”~Business Standard
Revenue Up 36%, Losses Cut In Half, EBITDA Turns Positive:
The financial story underpinning this DRHP is one of meaningful acceleration. Revenue from operations grew 36.26% year-on-year to ₹1,720.61 crore in FY26 from ₹1,262.80 crore in FY25 and has more than doubled from ₹926.7 crore in FY24. Net loss narrowed sharply from ₹480.8 crore in FY25 to ₹251.9 crore in FY26, a 48% reduction while adjusted EBITDA margin turned positive at 8.4% in FY26 from a negative 2.8% the year before.
As of March 31, 2026, Cult.fit operated 708 fitness centres across 77 cities, had 9.87 lakh paid fitness service members, and shipped over 42.3 lakh fitness products during the year. Services contributed approximately 70% of revenue at ₹1,197.8 crore, while the products business spanning Cultsport apparel, footwear, and equipment sold through owned stores and online channels contributed ₹522.8 crore or roughly 30%. The company has raised more than $714 million across 16 funding rounds and was last valued at approximately ₹12,600 crore following a $47.6 million Series G in March 2026 with Temasek raising its stake to 12%.
“DRHP FILED | Cult.fit IPO: Rs 950 crore fresh issue targeted. OFS of up to 17.86 crore shares. Net loss narrowed 48% to Rs 252 crore in FY26. Revenue at Rs 1,721 crore. Adjusted EBITDA margin positive at 8.4%.”~NDTV Profit
Where The Fresh Issue Money Goes: New Centres, Lease Payments, Debt Repayment
The proceeds from the ₹950 crore fresh issue have been allocated across specific purposes in the DRHP. The company plans to spend ₹276.6 crore on setting up new Cult Elite and Cult Neo fitness centres, ₹217.5 crore on lease and rental payments for existing identified centres, ₹120 crore on debt repayment, and ₹75 crore on brand marketing and business promotion. A further ₹23.4 crore is earmarked for expanding the Cultsport retail business.
The company may also undertake a pre-IPO placement of up to ₹190 crore before filing the Red Herring Prospectus. If this placement is completed, the fresh issue size will be reduced by the amount raised, while the OFS component remains unchanged. Five investment banks have been appointed as book-running lead managers: Axis Capital, Goldman Sachs India Securities, Jefferies India, JM Financial, and Morgan Stanley India. That five-bank lineup reflects the scale and international investor interest the company is targeting.
“Cult.fit files DRHP with SEBI, plans Rs 950 Cr fresh issue and 17.86 Cr share OFS. Proceeds: Rs 276.6 Cr for new centres, Rs 217.5 Cr for leases, Rs 120 Cr for debt repayment, Rs 75 Cr for marketing. Pre-IPO placement of up to Rs 190 Cr also possible.”~Entrackr
Board Strengthened, Governance Overhauled Before Filing:
Ahead of the DRHP submission, Cult.fit strengthened its board to meet SEBI’s corporate governance requirements. The company appointed four independent directors – Kalpana Morparia, Arun M Kumar, Indu Bhushan, and Pragya Misra, a move that signals the company’s seriousness about the governance standards that public market investors expect.
Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit has evolved far beyond its origins as a gym-booking aggregator into a vertically integrated fitness and wellness platform combining physical centres, digital subscriptions, and a growing D2C products brand. The company uses AI and data analytics to personalise workouts, improve operations, and deliver a consistent experience across its 708-centre network.
The DRHP will now go through SEBI’s review process before the company can file its Red Herring Prospectus and disclose the price band, issue dates, and subscription details. If the listing proceeds as planned, Cult.fit would join a growing cohort of wellness and consumer lifestyle companies finding public market homes in India’s FY27 primary market boom.
