Fitness and wellness platform Cult.fit has taken the next step towards going public after filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). The company plans to raise Rs. 950 crore through a fresh issue of equity shares, marking one of the latest IPO moves by a venture-backed consumer internet firm.
The proposed public issue will also include an offer for sale (OFS) by several existing shareholders, allowing early investors to exit partially. The total IPO size is expected to be between Rs. 3,500 crore and Rs. 4,000 crore, according to market estimates.
According to the draft papers, the proceeds from the fresh issue will be used to strengthen the company’s growth plans, expand its business operations, and support general corporate purposes. The IPO comes as Cult.fit looks to deepen its presence in India’s rapidly expanding health, fitness, and wellness market.
Founded as Cure.fit, the company has slowly morphed into a multi-category fitness platform that offers gym memberships, group classes, online workouts, sports facilities, and wellness services. Over the years, it’s managed to build a nationwide network of fitness centers, while at the same time pushing its digital side so it can reach a wider set of customers.
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Cult.fit’s filing seems to pile onto the longer list of Indian startups moving toward public markets, especially as investor sentiment looks a bit better now. Over the past year, several venture-backed tech-focused and consumer internet outfits have either already kicked off IPOs or filed draft papers, all of it pointing to renewed confidence in India’s capital markets.
For Cult.fit specifically, the entry into the public space should pull in investor attention because demand for more organized fitness and preventive health services is still climbing in multiple parts of urban India. Analysts also say this fitness slice has been showing steady momentum since the pandemic, helped along by rising health awareness along with a faster shift toward digital adoption.
Still, the IPO will depend on regulatory clearances, market sentiment, and the company’s own call on the issue size and pricing. After Sebi clears the draft papers, Cult.fit is likely to outline the launch timeline and price band for the public offering soon.