Cult.fit IPO Date, ₹950 Crore Fresh Issue, SEBI Approval, Financials and Review

Key market update (8 November 2026): SEBI issued its observations on Cult.fit’s draft prospectus on 12 October 2026, according to its processing status as reported by Inc42. That is the regulator’s go-ahead. However, Cult.fit has not filed a red herring prospectus (RHP), so there is no price band, lot size or date yet.

Cult.fit IPO overview

The Cult.fit IPO is now cleared by SEBI. Cult.fit Ltd, formerly Curefit Healthcare, filed its draft red herring prospectus (DRHP) on 6 July 2026. The issue combines a fresh issue of up to ₹950 crore with an offer for sale (OFS) of up to 17.86 crore shares by existing investors.

Reuters reported that the total issue could be ₹3,500 crore to ₹4,000 crore, depending on the price. Meanwhile, Cult.fit turned adjusted EBITDA positive in FY26 but still posted a net loss. This page sets out the filed numbers, the reported ones, and what investors can calculate before the price band. For more names in the pipeline, see our upcoming and rumored IPOs list.

Cult.fit IPO details: what we know so far

In short, the structure is on record, but the size in rupees is not. The OFS is set in shares, so its value depends on the final price.

Cult.fit IPO timeline

• 2016: Mukesh Bansal and Ankit Nagori found the company.
• 2021: Tata Digital invests about ₹360 crore, and Zomato (now Eternal) invests about $100 million (reported).
• 18 June 2026: Reports say Cult.fit will file for a ₹3,500 to ₹4,000 crore IPO.
• 6 July 2026: DRHP filed with SEBI.
• 12 October 2026: SEBI issues observations (confirmed in SEBI’s processing status, as reported).
• Next: RHP with price band and dates. Not announced as of 8 November 2026.

About Cult.fit

Cult.fit runs gyms and group-workout centres, a fitness app and a sportswear and equipment brand, Cultsport. It also operates brands such as Fitness First, Gold’s Gym and Pilates Circle by Cult (reported). As of 31 March 2026, it had 708 fitness centres in 77 cities and 9,87,020 paid fitness members.

According to a Redseer report cited in the DRHP, Cult.fit is India’s largest fitness service provider by centres, with more than four times as many centres as the next player. Consequently, the DRHP lists no directly comparable listed peer in India.

Revenue comes from two lines. Fitness services, meaning memberships and centres, made up about 70%. Product sales through Cultsport grew 60% to ₹522.8 crore in FY26, or about 30% of revenue (reported).

Cult.fit financials: revenue up, losses narrowing

The trend is clear. Revenue grew about 42% in FY26, and the net loss nearly halved. In addition, adjusted EBITDA turned positive for the first time.

Why is Cult.fit still loss-making?

Two big costs sit below EBITDA. In FY26, depreciation and amortisation was about ₹227.11 crore and finance costs were ₹125.45 crore (reported). Together they are larger than the ₹144.78 crore of adjusted EBITDA. Therefore, profit at the bottom line needs either more scale per centre or lower lease and interest costs. Part of the fresh issue is meant to repay borrowings, which would reduce finance costs.

Who owns Cult.fit and who is selling

Tata Digital’s exit is notable. It bought 1.19 crore preference shares at ₹304 each in 2021, which convert into about 3.44 crore equity shares at 2.89 shares each. That works out to roughly ₹105 per share (Calculated). It plans to sell about 46% of its holding (reported).

Some reports describe Tata Digital as a majority owner. However, the DRHP shareholding reported by several outlets shows a stake of about 3.58%, so we use that figure.

Cult.fit IPO: what the fresh money is for

• About ₹276.6 crore to set up new Cult Elite and Cult Neo centres (reported).
• Lease payments for existing centres.
• Repayment of borrowings.
• Marketing and brand spending.
• Growth of the Cultsport products business, plus general corporate purposes.

Only the fresh issue of up to ₹950 crore goes to the company. Meanwhile, the OFS money, which is likely the larger part, goes to the selling shareholders.

Cult.fit valuation math

There is no price band yet, so there is no IPO valuation. Still, some reference points exist. Cult.fit was last valued at about $1.5 billion in private markets (reported). At the rupee’s close of 93.89 per dollar on 6 November 2026 (PTI), that is about ₹14,084 crore (Calculated).

As a result, the final band will be judged mainly on revenue growth and the path to net profit, not on current earnings. With no listed fitness chain in India, investors may look at consumer-service and retail names for comparison instead.

Risks flagged in the DRHP

• City concentration: Delhi-NCR, Mumbai, Bengaluru and Hyderabad gave 90.44% of fitness services revenue in FY26, up from 85.5% in FY24.
• Losses: the company is not yet profitable at the net level, and past results may not predict future ones.
• Leases: most centres are leased, so rent and lease liabilities are a large fixed cost.
• Audit observations: reports on the DRHP noted audit-related flags among the risk factors (reported, IANS).

What happens next for the Cult.fit IPO

SEBI observations are generally valid for 12 months, which would run to about October 2027 (Calculated). First, the company files an RHP with the price band. Next, anchor investors bid a day before the issue opens. Finally, the issue stays open for three working days.

Until the RHP, there is no lot size and no meaningful grey market premium. When the band appears, we will add the Scouter Reading, lot size and GMP. You can then use our allotment status guide after the issue closes.

Cult.fit IPO review: who it may suit

Cult.fit may suit investors who want exposure to organised fitness and believe in its path to net profit. On the other hand, investors who need current earnings may prefer to wait for a few quarters of listed results. This is not investment advice. Read the RHP when it is filed.

Cult.fit IPO: frequently asked questions

Disclaimer: This article is for information only and is not investment advice. Figures are from the DRHP as reported by the cited outlets; reported items are labelled. Wait for the RHP and exchange notices before making any decision. Data as of 8 November 2026.