Cult.fit files draft IPO papers, discloses shareholding and executive details
Fitness services provider Cult.fit has filed its draft IPO prospectus with India's SEBI, aiming to raise up to ₹4,000 Cr. The filing reveals shareholding patterns and details of key executives and board members.
Gym and fitness chain operator Cult.fit has submitted its draft IPO papers to the Securities and Exchange Board of India (SEBI), seeking to raise as much as ₹4,000 crore through its public offering. The proposed IPO will include both a fresh issue of shares worth up to ₹950 crore and an offer for sale (OFS) of up to 17.86 crore shares.
The draft filing details the shareholding structure, with Temasek, through its entity MacRitchie Investments, being the largest shareholder holding over a fifth of the company's equity. Temasek plans to offload up to 2.47 crore shares in the IPO. Venture capital firm Accel is the second-largest investor with a 13.45% stake and intends to sell 65.32 lakh shares. Co-founder Mukesh Bansal, holding over 8% stake, will also participate in the OFS, planning to sell about 1.60 crore shares.
Chiratae Ventures is identified as the largest selling shareholder, planning to cash out 2.81 crore shares. Germany's LifeFit Group Fitness First Luxembourg SCA and Tata Digital are also among those selling shares. Notable investors like Deepinder Goyal's Eternal and Kalaari Capital are reportedly not participating in the OFS component.
Cult.fit plans to use the proceeds from the fresh issue for setting up new centers, covering operational costs, and repaying borrowings, alongside marketing and general corporate purposes. As of March 31, 2026, the company operated 708 fitness centers across 77 Indian cities. For the fiscal year ending March 2026, Cult.fit reported a 42% year-on-year increase in operating revenue to ₹1,720.6 crore, while significantly narrowing its net loss by 48% to ₹251.8 crore.