Cult.fit gets SEBI's go-ahead to launch its IPO: Rs 950 crore of new shares plus an offer for sale, but no price or dates yet
SEBI has issued its observations on Cult.fit's draft IPO papers, reports say. What that means, the fresh issue and offer-for-sale split from the draft prospectus, and what is still undecided.
Cult.fit Limited, the fitness and health company that runs gyms and sells fitness products, has received SEBI’s observations on its draft IPO papers, according to Inc42, which dates them to 12 October 2026. An IPO (initial public offering) is a company’s first sale of shares to the public, and SEBI is the market regulator. Observations from SEBI mean the company can go ahead and file its final offer document and launch the IPO when it chooses. They are not an IPO date or a price: no price band, opening date or lot size has been announced, so nobody can apply for these shares yet. The draft proposes a fresh issue (new shares, with the money going to the company) of up to ₹950 crore, plus an offer for sale (existing shareholders selling their shares, with the money going to them) of up to 17,86,09,200 (about 17.86 crore) shares.
What the draft says about the issue
The papers were filed in July 2026 and the figures below are from the draft abridged prospectus, a short summary of the draft red herring prospectus (DRHP, the document a company files for SEBI’s review before an IPO). The draft can change before the final prospectus.
| Part of the issue | Size in the draft |
|---|---|
| Fresh issue of equity shares | Up to ₹950 crore (9,500 million) |
| Offer for sale by existing shareholders | Up to 17,86,09,200 equity shares of face value ₹1 each |
| Total offer size | Left blank, because it depends on the price |
The draft says the company may do a pre-IPO placement (a private sale of shares before the IPO) of up to ₹190 crore (1,900 million). If it does, the amount raised is deducted from the fresh issue, and the placement cannot exceed 20% of the fresh issue. The draft describes Cult.fit as professionally managed, with no identifiable promoter.
Who is selling in the offer for sale
The draft lists the top ten selling shareholders. Some of the shares they offer will come from preference shares that are due to convert into equity shares before the final prospectus is filed.
| Selling shareholder | Maximum shares offered |
|---|---|
| MacRitchie Investments Pte. Ltd. | 2,46,64,113 |
| Fitness First Luxembourg S.C.A. | 1,95,97,242 |
| IDG Ventures India Fund III LLC | 1,70,38,233 |
| Mukesh Bansal | 1,60,21,780 |
| Tata Digital Private Limited | 1,58,62,353 |
| Chiratae Trust | 1,10,56,131 |
| Bruno Eduard Raschle | 1,02,12,631 |
| Schroders Capital Private Equity Asia Mauritius IV Limited | 99,15,315 |
| Twenty Nine Capital Partners Limited Partnership | 79,12,322 |
| Accel India V (Mauritius) Limited | 65,32,434 |
The five book running lead managers (the banks running the issue) are Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial and Morgan Stanley India. KFin Technologies is the registrar. The shares are proposed to be listed on BSE and NSE.
What is still undecided
The price band (the range within which investors can bid), the lot size, the bid dates and the final rupee size of the offer are all blank in the draft. They will be set in the red herring prospectus, the next offer document, which has not been filed according to the reports found. The draft does not say when the IPO will happen or whether it will. Inc42 cites unnamed sources putting the total IPO at around ₹4,000 crore; the draft gives no such figure.
The abridged prospectus states that SEBI has not recommended or approved the shares, and that SEBI’s observations do not guarantee the accuracy of the draft.
Basis of these figures
Issue structure, the ₹950 crore fresh issue, the offer-for-sale share count, the selling shareholders and their share numbers, the pre-IPO placement terms, the lead managers, the registrar and the listing exchanges are from the draft abridged prospectus posted on SEBI’s website (July 2026). The receipt of SEBI’s observations and the date of 12 October 2026 are from Inc42’s report; SEBI’s own listing of the observation letter was not opened. Crore figures are conversions from the draft’s figures in million (one crore is 10 million). This article reports the contents of a draft filing and the status of its review only. It carries no view on the company or its shares, and no forecast.