Cult.Fit IPO is a proposed Mainboard Book Built public issue by Cult.Fit Limited. The public issue comprises a fresh issue of equity shares aggregating up to ₹950 crore and an Offer for Sale of up to 17,86,09,200 equity shares by existing selling shareholders. The equity shares are proposed to be listed on both the BSE and NSE.
The company proposes to utilise the net proceeds from the fresh issue for setting up new Cult Centres, lease, rent and licence-related payments for existing identified fitness centres, repayment or prepayment of certain borrowings, brand marketing and business promotion, investment in its subsidiary Cultsport Private Limited for new Exclusive Brand Outlets, and general corporate purposes. The proceeds from the Offer for Sale will be received by the respective selling shareholders.
Cult.Fit Limited is a fitness and active lifestyle platform in India offering fitness services and active lifestyle products through the Cult.fit app, website and other online and offline channels. Its services include trainer-led group classes, full-service gyms and at-home online workouts, while its products include fitness equipment, recovery products, fitness accessories, apparel and footwear.
As of March 31, 2026, the company had 708 fitness centres, of which 594 were integrated with the Cult.fit app, and served 987,020 paid members. Its products were available through 29 exclusive branded outlets across four cities and other offline channels.
Table of Contents
Cult.Fit IPO Details Information
| Particulars | Information |
|---|---|
| IPO Name | Cult.Fit IPO |
| Company Name | Cult.Fit Limited |
| IPO Type | Book Build Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹1 Per Equity Share |
| Price Band | Yet to be Updated |
| Issue Size | Yet to be Updated |
| Fresh Issue | Up to ₹950 Crore |
| Offer for Sale | Up to 17,86,09,200 Equity Shares |
| IPO Open Date | Yet to be Updated |
| IPO Close Date | Yet to be Updated |
| Anchor Investor Bidding | Yet to be Updated |
| Basis of Allotment | Yet to be Updated |
| Refund Initiation | Yet to be Updated |
| Shares Credited to Demat Account | Yet to be Updated |
| Listing Date | Yet to be Updated |
| Listing Exchange | BSE & NSE |
| Lot Size | Yet to be Updated |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, JM Financial Limited and Morgan Stanley India Company Private Limited |
The DRHP states that the company may also consider a Pre-IPO Placement of up to ₹190 crore. If undertaken, the amount raised through the Pre-IPO Placement will be reduced from the Fresh Issue, subject to applicable regulations.
Cult.Fit IPO Dates
The IPO opening, closing, allotment and listing dates have not been finalised in the available DRHP.
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | Yet to be Updated |
| IPO Opening Date | Yet to be Updated |
| IPO Closing Date | Yet to be Updated |
| Basis of Allotment | Yet to be Updated |
| Refund Initiation | Yet to be Updated |
| Shares Credited to Demat Account | Yet to be Updated |
| Listing Date | Yet to be Updated |
Cult.Fit IPO Reservation
The proposed reservation for different investor categories is as follows.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not Less Than 75% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not More Than 10% |
The final allocation under each investor category will depend on the final offer structure and the number of valid applications received during the IPO subscription period.
Cult.Fit IPO Lot Size
The final lot size and application amount will be updated after the company announces the price band and lot size.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | Yet to be Updated | Yet to be Updated |
| Retail Maximum | Yet to be Updated | Yet to be Updated |
| S-HNI Minimum | Yet to be Updated | Yet to be Updated |
About Cult.Fit Limited
Cult.Fit Limited is a fitness and active lifestyle platform offering fitness services and products through an integrated digital and physical ecosystem. The company provides at-centre and at-home fitness services, including trainer-led group classes, full-service gyms and online workouts.
The company also offers fitness equipment, recovery products, accessories, apparel and footwear. Its products are distributed through its digital channels, exclusive branded outlets and other offline retail channels.
As of March 31, 2026, Cult.Fit operated 708 fitness centres across India, while 594 centres were integrated with the Cult.fit app. The company had 987,020 paid members at the end of FY2026.
Business Operations
Cult.Fit operates across two main business segments: fitness services and fitness products.
- Fitness Services – The company operates fitness centres offering workouts ranging from yoga to boxing and other sports activities.
- At-Centre Fitness – Customers can access trainer-led group classes and full-service gyms through the company’s network.
- At-Home Fitness – The Cult.fit platform provides online workouts and fitness services for customers at home.
- Fitness Products – The company sells fitness equipment, recovery products and fitness accessories.
- Activewear – Cult.Fit designs and sells apparel and footwear for fitness and everyday activity.
- Omnichannel Distribution – Products are sold through the Cult.fit app, website, exclusive branded outlets and other offline retail channels.
Industry Overview
India’s fitness and active lifestyle services market remains at an early stage of development compared with major global markets. According to the Redseer Report cited in the DRHP, the Indian fitness and active lifestyle services market was estimated at approximately ₹256 billion in calendar year 2025 and is projected to reach ₹487 billion to ₹531 billion by 2030, representing a CAGR of 14% to 16%.
The fitness and active lifestyle products market was estimated at approximately ₹1,157.6 billion in calendar year 2025 and is projected to reach ₹2,175 billion to ₹2,349 billion by 2030, also at a projected CAGR of 14% to 16%.
Business Strategy
Cult.Fit focuses on expanding its geographic and member footprint across India while pursuing franchise-led growth. The company also plans to broaden its fitness product portfolio and add new product categories.
The company aims to localise its supply chain, expand omnichannel product distribution, strengthen the Cult brand and community, and continue investing in its technology platform.
Cult.Fit IPO Financial Information
A company’s financial performance provides insights into revenue growth, profitability, operational efficiency and financial stability. The following figures are based on the Restated Consolidated Financial Information disclosed in the DRHP.
Cult.Fit Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹926.66 Crore | ₹1,215.54 Crore | ₹1,720.61 Crore |
| Total Income | ₹1,027.12 Crore | ₹1,272.03 Crore | ₹1,801.82 Crore |
| Adjusted EBITDA | -₹140.19 Crore | -₹33.53 Crore | ₹144.78 Crore |
| Profit After Tax (PAT) | -₹888.49 Crore | -₹480.83 Crore | -₹247.53 Crore |
| Net Worth | ₹1,276.87 Crore | ₹914.76 Crore | ₹669.87 Crore |
| Total Borrowings | ₹307.51 Crore | ₹326.92 Crore | ₹260.76 Crore |
| Total Assets | ₹3,031.85 Crore | ₹2,926.23 Crore | ₹3,103.20 Crore |
The company reported revenue from operations of ₹1,720.61 crore in FY2026 compared with ₹1,215.54 crore in FY2025. Adjusted EBITDA turned positive at ₹144.78 crore in FY2026 compared with a negative ₹33.53 crore in FY2025. The company continued to report a loss attributable to owners of ₹247.53 crore in FY2026.
Cult.Fit IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess the company’s operating performance, profitability and business scale. The DRHP reports the following KPIs for FY2024 to FY2026.
| KPI | Value |
|---|---|
| Return on Net Worth (RoNW) | -37.60% |
| Adjusted EBITDA Margin | 8.41% |
| Services Segment Margin | 17.54% |
| Products Segment Margin | -10.97% |
| Revenue Growth | 41.55% |
| EPS | -₹3.27 |
| NAV Per Share | ₹28.88 |
| Paid Members | 987,000 |
| Number of Centres | 708 |
| Units Sold | 42,390 |
The company’s adjusted EBITDA margin improved to 8.41% in FY2026 from -2.76% in FY2025. The number of paid members increased from 833,000 in FY2025 to 987,000 in FY2026, while the number of fitness centres increased from 690 to 708.
Objects of the Cult.Fit IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
- Capital expenditure towards setting up new Cult Centres — approximately ₹276.60 crore.
- Lease, rent and licence-related payments for existing identified fitness centres — approximately ₹217.50 crore.
- Repayment or prepayment of certain borrowings — approximately ₹120 crore.
- Brand marketing, advertising and business promotion — approximately ₹75 crore.
- Investment in Cultsport Private Limited for setting up new Exclusive Brand Outlets — approximately ₹23.40 crore.
- General corporate purposes.
The amount allocated for general corporate purposes will be finalised after determination of the Offer Price and will not exceed 25% of the gross proceeds.
Cult.Fit IPO Listing Performance
The listing performance will be available after the company’s shares are listed on the stock exchanges.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | Yet to be Updated |
| Issue Price | Yet to be Updated |
| Listing Price | Yet to be Updated |
| Listing Gain | Yet to be Updated |
| Listing Gain (%) | Yet to be Updated |
Cult.Fit IPO Subscription Status
The subscription figures indicate the level of investor participation received during the IPO bidding period. Final subscription figures will be updated after the IPO opens for subscription.
Cult.Fit IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | Yet to be Updated |
| Non-Institutional Investors (NII) | Yet to be Updated |
| Retail Individual Investors (RII) | Yet to be Updated |
| Employee Category | Yet to be Updated |
| Total Subscription | Yet to be Updated |
Cult.Fit IPO Review
Cult.Fit Limited operates an integrated fitness and active lifestyle platform combining physical fitness centres, digital fitness services and fitness products. The company operates through its Cult.fit app, website and online and offline distribution channels.
The company had 708 fitness centres and 987,020 paid members as of March 31, 2026. Its revenue from operations increased from ₹926.66 crore in FY2024 to ₹1,720.61 crore in FY2026. The services segment generated ₹1,197.83 crore of revenue in FY2026, while the products segment generated ₹522.77 crore.
Cult.Fit also reported an improvement in adjusted EBITDA, which turned positive at ₹144.78 crore in FY2026. However, the company continued to report a loss attributable to owners of ₹247.53 crore in FY2026, and its net worth declined during the reported period. Investors should consider the company’s operating scale, revenue growth, profitability, business model, expansion requirements and final IPO valuation before making an investment decision.
Cult.Fit IPO Strengths
- Large network of fitness centres across India.
- 987,020 paid members as of March 31, 2026.
- Integrated fitness services and active lifestyle products platform.
- Franchise model supports asset-light expansion.
- Strong technology capabilities across fitness operations.
- Diversified product portfolio across equipment, recovery products and activewear.
- Growing revenue from both services and products.
Cult.Fit IPO Risk Factors
- The company has incurred losses during the reported financial years.
- Customer acquisition and retention are important for business growth.
- Negative publicity involving its brands may affect business performance.
- The company relies on intellectual property and third-party technology.
- Fitness products are partly sourced from overseas suppliers, including suppliers in China.
- Dependence on third-party suppliers may affect product availability.
- The company has recorded negative operating cash flows in previous periods.
- A significant portion of fitness services revenue comes from certain geographic markets.
- Franchise and marketplace gym performance can affect customer experience and revenue.
Cult.Fit IPO Promoters
Cult.Fit Limited is a professionally managed company and does not have an identifiable promoter under the SEBI ICDR Regulations and the Companies Act, 2013.
| Promoter | Designation |
|---|---|
| No Identifiable Promoter | Professionally Managed Company |
Cult.Fit IPO Management Team
The company is led by a management team with experience across fitness, technology, operations, finance and business development. The DRHP provides the following Board of Directors and Key Managerial Personnel.
| Name | Designation |
|---|---|
| Mukesh Bansal | Managing Director and Executive Chairman |
| Naresh Krishnaswamy | Whole-time Director and Chief Executive Officer |
| Subrata Mitra | Non-Executive Nominee Director |
| Arun Madhavan Kumar | Non-Executive Independent Director |
| Indu Bhushan | Non-Executive Independent Director |
| Kalpana Jaisingh Morparia | Non-Executive Independent Director |
| Pragya Misra | Non-Executive Independent Director |
| Bishnu Prakash Hazari | Chief Financial Officer |
| Siddharth Sharma | Company Secretary and Compliance Officer |
Cult.Fit IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting shares to successful applicants, initiating refunds and handling investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | https://www.kfintech.com |
| IPO Allotment Status | Yet to be Updated |
| Email ID | [email protected] |
| Contact Number | +91 40 6716 2222 / 1800 309 4001 |
The registrar details are provided in the DRHP.
Cult.Fit IPO Lead Manager Details
The Book Running Lead Managers are responsible for managing the IPO process, coordinating regulatory compliance and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Managers | Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited, JM Financial Limited and Morgan Stanley India Company Private Limited |
Cult.Fit Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Cult.Fit Limited |
| Registered Office | 3rd Floor, Plot No. 269, Sy. No. 439/1B, Rajiv Gandhi Road, Chennai, Sholinganallur, Saidapet, Kanchipuram 600119, Tamil Nadu |
| Corporate Office | Curefit HQ, 17/17C – BDA, 18th Cross, Sector-3, HSR Layout, Bengaluru 560102, Karnataka |
| Website | https://www.cult.fit |
| Email ID | [email protected] |
| Contact Person | Siddharth Sharma, Company Secretary and Compliance Officer |
| Contact Number | +91 91872 19018 |
The registered office, corporate office and contact details are disclosed in the SEBI filing.
How to Check Cult.Fit IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s website or the BSE IPO portal.
Through KFin Technologies Limited
- Visit the official KFin Technologies IPO allotment portal.
- Select Cult.Fit IPO from the IPO list.
- Choose PAN Number, Application Number, or DP/Client ID.
- Enter the required details.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Cult.Fit IPO from the list of IPOs.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
Cult.Fit IPO Conclusion
Cult.Fit IPO comprises a fresh issue of equity shares aggregating up to ₹950 crore and an Offer for Sale of up to 17,86,09,200 equity shares. The company operates an integrated fitness and active lifestyle platform combining fitness services with fitness products.
The company has expanded its fitness network and paid-member base while reporting strong growth in revenue from operations. Adjusted EBITDA turned positive in FY2026, although the company continued to report a loss attributable to owners.
The IPO proceeds are proposed to support new Cult Centres, lease and rental payments, debt repayment, brand marketing, investment in Cultsport and general corporate purposes. The final price band, IPO dates, lot size, total offer size, subscription figures and listing details will be updated after they are officially announced.
Cult.Fit IPO FAQs
What is Cult.Fit IPO?
Cult.Fit IPO is a proposed Mainboard public issue of Cult.Fit Limited comprising a fresh issue of equity shares aggregating up to ₹950 crore and an Offer for Sale of up to 17,86,09,200 equity shares.
What is the price band of Cult.Fit IPO?
The price band of Cult.Fit IPO is yet to be announced.
What is the issue size of Cult.Fit IPO?
The fresh issue size is up to ₹950 crore. The final total issue size will depend on the Offer for Sale price and final offer structure.
When will the Cult.Fit IPO open?
The Cult.Fit IPO opening date is yet to be announced.
When will the Cult.Fit IPO close?
The Cult.Fit IPO closing date is yet to be announced.
On which stock exchanges will Cult.Fit shares be listed?
Cult.Fit shares are proposed to be listed on the BSE and NSE.
Who is the registrar for Cult.Fit IPO?
KFin Technologies Limited is the registrar to the Cult.Fit IPO.
What is the face value of Cult.Fit IPO shares?
The face value of each Cult.Fit equity share is ₹1.
What does Cult.Fit Limited do?
Cult.Fit Limited operates a fitness and active lifestyle platform offering fitness services and products through its Cult.fit app, website and online and offline channels.
What are the objects of the Cult.Fit IPO?
The company proposes to use the fresh issue proceeds for setting up new Cult Centres, lease and rent payments, repayment or prepayment of borrowings, brand marketing, investment in Cultsport for new Exclusive Brand Outlets and general corporate purposes.
