Indian fitness firm Cult.fit gets regulatory nod for IPO

Oct 16 (Reuters) — India's markets regulator has approved the initial public offering of fitness services firm Cult.fit, showed a Securities and Exchange Board of India (SEBI) update on Friday. Here are more details: SEBI has issued its observations on the company's draft papers, a document on the regulator's website showed, indicating that the company can proceed with its share sale Cult.fit filed for an IPO ​in July, seeking to raise up to 9.5 billion rupees ($100.04 million) through a fresh issue of shares, while existing shareholders plan to sell up to 178.6 million shares The company operates 708 fitness ​centres across India and had more than 987,000 ​paid members as of March 31, 2026 Cult.fit sells memberships through ‌multiple ⁠channels, including its app and website, corporate partnership programmes and direct sales at its fitness centres The company said it would use the proceeds to fund new ​centres, as ​well as ⁠for branding and marketing expenses Axis Capital and Goldman Sachs are among the book-running lead managers for the issue ($1 = 94.9600 Indian rupees) (Reporting by Abhinav Parmar in Bengaluru; Editing by Jonathan Ananda) ((mailto:Abhinav.Parmar@thomsonreuters.c