A sleek, cinematic editorial image evoking an Indian fitness-tech unicorn's IPO moment: a modern glass-and-steel corporate tower at dusk in an Indian metro skyl

IPO Filing · July 6, 2026 · Draft Red Herring Prospectus

Cult.fit Files for an IPO

Up to ₹9.5 billion in fresh capital plus 178.61 million shares offered for sale as India’s fitness-tech giant heads to BSE and NSE.

₹9,500million

Maximum fresh-issue proceeds

100% book-built IPO

Offer structure

Offer for sale: Up to 178,609,200 shares
Face value: ₹1 per equity share
Proposed listing: BSE & NSE
Regulatory basis: SEBI ICDR Reg. 6(2)
Still blank [●]: Price band · total value · fresh-issue share count · designated exchange

Ten sellers control 77.7% of the sell-down

Together, the top ten are offering up to 138,812,554 shares out of 178,609,200. MacRitchie leads with 24,664,113 shares, followed by Fitness First Luxembourg at 19,597,242 and IDG Ventures India Fund III at 17,038,233. Founder Mukesh Bansal is offering 16,021,780 and Tata Digital 15,862,353; the remainder comes from Chiratae Trust, Bruno Eduard Raschle, Schroders Capital Private Equity Asia Mauritius IV, Twenty Nine Capital Partners and Accel India V (Mauritius).

Top-ten seller WACA spans ₹12.84 a share for Fitness First Luxembourg to ₹105.35 for Tata Digital—an 8.2× gap. Mukesh Bansal’s cost is ₹14.51; MacRitchie Investments’ is ₹59.85.

Fitness First’s scheme-related shares were assigned nil consideration for this calculation under the March 27, 2026 NCLT order. Manian & Rao certified the figures on a fully diluted basis, including conversion of 237,622,745 preference shares before the RHP filing.

16,021,780shares

Mukesh Bansal’s maximum offer-for-sale tranche · fourth-largest disclosed

Weighted average acquisition cost: ₹14.51 per share

Why Regulation 6(2) matters

Cult.fit describes itself as professionally managed, with no identifiable promoter. It is pursuing the IPO under SEBI ICDR Regulation 6(2) because it does not satisfy the eligibility thresholds in Regulation 6(1)(a) and 6(1)(b)—a route used by widely held companies without a controlling promoter group.

Cult.fit Limited was formerly Cult.Fit Private Limited and CureFit Healthcare Private Limited. CIN: U74999TN2016PLC176669.

Book-running lead managers

01: Axis Capital
02: Goldman Sachs (India) Securities
03: Jefferies India
04: JM Financial

The framework is set: an offer for sale of up to 178,609,200 shares and a fresh-issue cap of ₹9,500 million. But final proceeds—and seller gains on acquisition costs ranging from ₹12.84 to ₹105.35 per share—depend on the price band still to come.

The July 6, 2026 draft will be updated when filed with the Registrar of Companies.

Still marked [●]

Price band: Undetermined
Total offer value: Undetermined
Fresh-issue share count: Undetermined
Designated stock exchange: Undetermined