IPOs & Listings
Sebi Approves Cult.fit IPO With Rs 950 Crore Fresh Issue and Offer for Sale
By News Desk ·
Key takeaways
- Sebi approved Cult.fit's IPO during the week ended October 16, 2026, alongside issues from Eswari Global Metal Industries, Sohan Lal Commodity Management and Indian Gas Exchange.
- Cult.fit's IPO comprises a fresh issue of up to Rs 950 crore and an offer for sale of up to 17.86 crore shares.
- Cult.fit has raised more than $650-720 million across 14 funding rounds, including a $46.8 million Series G in March 2026 led by MacRitchie Investments.
Sebi approved Cult.fit's initial public offering during the week ended October 16, 2026, alongside issues from Eswari Global Metal Industries, Sohan Lal Commodity Management and Indian Gas Exchange, Business Standard reported. The regulator's filing lists Cult.fit's issue as a fresh issue-cum-OFS offering, with Axis Capital as manager.
Cult.fit's Rs 950 Crore Fresh Issue
NDTV Profit reported that Cult.fit's IPO seeks up to Rs 950 crore, with proceeds earmarked for expansion and debt repayment. The Times of India reported the fresh issue at up to Rs 950 crore and an offer for sale of up to 17.86 crore shares, with proceeds also directed to capital expenditure and brand marketing. The approvals allow the companies to proceed subject to remaining requirements, according to NDTV Profit.
Business Standard reported that Sohan Lal Commodity Management filed a pre-filing managed by Pantomath Capital Advisors, Eswari Global Metal Industries filed a fresh issue-cum-OFS managed by DAM Capital Advisors, and Indian Gas Exchange filed an OFS-only issue. Energyintel reported in July 2026 that India is seeing a surge in LNG volumes traded on the Indian Gas Exchange as the country pivots to higher-priced LNG from alternative suppliers.
Cult.fit's Funding and Franchise Shift
According to akta.pro company records, Cult.fit has raised more than $650-720 million across 14 funding rounds, including a $46.8 million Series G in March 2026 led by MacRitchie Investments. The same records put its valuation at $1.43 billion as of March 2025-2026 following Series G funding from Temasek, and its FY25 operating revenue at Rs 1,216 crore ($144 million), up 31% from Rs 925 crore in FY24.
| Funding round | Date | Amount | Lead investor |
|---|---|---|---|
| Series G | 2026-03 | $46.8 million | MacRitchie Investments |
| Corporate-funded | 2025-07 | $2 million | LifeFit Group |
| Series F | 2024-02 | $10.2 million | Valecha Investments |
| Series F | 2021-11 | $145 million | Zomato |
Cult.fit's Expansion Before the Filing
Cult.fit's CEO Naresh Krishnaswamy said in August 2026 that the fitness company plans to expand to as many as 100 cities over the next four to five years ahead of its proposed IPO, which it filed in July, BusinessLine reported. In October 2026, Business India reported that Cult.fit is expanding beyond traditional workouts with a multi-format model covering gyms to AI-driven solutions. CNBC TV18 reported in October 2026 that Accel is preparing for Cult.fit's IPO and directing capital to AI and defense tech, per partner Subrata Mitra.
What Comes Next for the Listing
CNBC TV18 reported in October 2026 that Cult.fit could list before year-end.