Cult.fit IPO: Cultfit files DRHP with Sebi to raise Rs 950 crore via fresh issue

Fitness and active lifestyle platform Cultfit has filed its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering expected at Rs 3,500-4,000 crore, people aware of the matter said, marking one of the most prominent consumer internet listings to move ahead this year after a post-pandemic rebuild of its offline fitness business.

The IPO will comprise a fresh issue of shares worth Rs 950 crore and an offer for sale of up to 178.6 million shares by existing investors and individual shareholders, according to the DRHP. The total offer size will be finalised after the price band is set.

Cult.fit has filed its DRHP directly with Sebi, instead of using the confidential pre-filing route adopted by several new-age companies in recent months. The company plans to list its shares on BSE and NSE.

Through the OFS, Temasek-backed MacRitchie Investments plans to sell up to 24.7 million shares, Fitness First Luxembourg up to 19.6 million shares, IDG Ventures India Fund III up to 17 million shares, Mukesh Bansal up to 16 million shares, Tata Digital up to 15.9 million shares, Chiratae Trust up to 11.1 million shares, Bruno Eduard Raschle up to 10.2 million shares, Schroders Capital up to 9.9 million shares, Twenty Nine Capital up to 7.9 million shares and Accel India V up to 6.5 million shares.