Cult.fit gets Sebi nod for IPO with Rs 950 cr fresh issue

BENGALURU: Fitness platform Cult.fit has received Sebi’s clearance for its IPO, comprising a fresh issue of up to Rs 950 crore and an offer for sale of 17.8 crore shares.Sebi granted clearance on Oct 12, according to its latest update. The company had filed its draft IPO papers on July 7.The company’s statement did not announce the issue dates or price band. The total offer size will depend on the share price. Money raised from the sale of existing shares will go to the selling shareholders.Cult.fit, earlier known as Curefit Healthcare, plans to use the money from the new shares to repay loans and open more Cult Elite and Cult Neo fitness centres. It will also invest in its subsidiary, Cultsport, to open stores selling its branded fitness products.The money will also help pay rent and other lease-related costs at selected existing centres, as well as fund advertising and general business expenses.Cult.fit had 708 fitness centres across 77 cities as of March this year. According to a Redseer report cited by the company, its network was four times the size of the next largest player in India.About 9.8 lakh members paid for fitness services on the company’s platform in FY26. The fitness products business shipped more than 42.3 lakh products during the year.Fitness services bring in about 70% of its revenue, while products account for the remaining 30%, the company said. It sells workout clothes, shoes, fitness equipment, cycles and accessories through its app, website and other channels.Cult Elite centres offer gym workouts and trainer-led group classes, including yoga, dance, strength training and boxing. Cult Neo centres focus on gym workouts, with equipment designed in-house and certified trainers.Redseer expects India’s fitness services market to grow from Rs 25,600 crore in 2025 to between Rs 48,700 crore and Rs 53,100 crore by 2030.The company plans to list its shares on the BSE and the NSE stock exchanges. Axis Capital, Goldman Sachs, Jefferies, JM Financial and Morgan Stanley are managing the issue.You use AI every day. Now get your AI Quotient. Take the AIQ test.