Cult.fit IPO 2026: Issue Size, Price Band, Open Date, Listing Date & All Key Details

India's largest organised fitness chain is heading to the stock market. On July 6, 2026, Cult.fit Limited (formerly CureFit Healthcare Private Limited) filed its Draft Red Herring Prospectus (DRHP) with SEBI — kicking off what could be one of the most watched consumer lifestyle IPOs of the year.

Backed by Temasek, Tata Digital, Accel, and even Zomato (now Eternal), Cult.fit's public debut marks a significant moment for India's fast-growing organised fitness industry.

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What Is the Cult.fit IPO, and How Big Is It?

The Cult.fit IPO is a combination of a Fresh Issue and an Offer for Sale (OFS).

Cult.fit IPO issue size for the fresh component is ₹950 crore, with the company also planning a possible pre-IPO placement of up to ₹190 crore — which, if completed, would reduce the fresh issue size accordingly. The OFS component covers up to 17.86 crore equity shares being sold by existing investors. Total IPO size could touch approximately ₹4,000 crore once the OFS is valued at the final price band.

The Cult.fit IPO price band, Cult.fit IPO open date, and Cult.fit IPO listing date are yet to be announced and will be confirmed once SEBI reviews the DRHP and the company files its Red Herring Prospectus (RHP).

Who Is Selling — and Who Are the Key Investors?

Cult.fit does not have an identifiable promoter. The company is professionally managed, with co-founders Mukesh Bansal and Ankit Nagori as significant individual shareholders. Mukesh Bansal holds an 8.35% stake and is participating in the OFS with up to 1.6 crore shares.

MacRitchie Investments Pte. Ltd. (Temasek's entity) is the largest shareholder at 20.32% and the largest OFS seller. Other selling shareholders include Fitness First Luxembourg, IDG Ventures, Tata Digital, Chiratae Trust, Schroders Capital, Accel India, and Twenty Nine Capital Partners.

On the investor side, Eternal (formerly Zomato) holds a 4.88% stake — picked up when Zomato invested $100 million in Cult.fit back in November 2021. Kalaari Capital holds 7.8%, making the cap table one of the most recognisable in Indian startup history.

What Does Cult.fit Actually Do?

Cult.fit is not just a gym chain. It is a vertically integrated fitness and wellness platform with three interconnected arms: fitness centres, a digital subscription app, and a D2C products brand.

Physically, by March 31, 2026, the organization runs 708 fitness studios in 77 cities across India, which consist of Cult Elite, Cult Neo, and market gym franchises. As of the same date, the organization had 9.87 lakh paid fitness memberships. In terms of its digital platform, the Cult.fit application helps members make class bookings, attend live classes, and track their workouts, where it has an estimated 987,000 on-app memberships.

The Cultsport brand handles the products business — selling fitness apparel, footwear, and equipment through its own app, website, branded outlets (EBOs), and online marketplaces. The company shipped over 42.3 lakh Cultsport units in FY26 alone. Services (fitness centres + app) contribute roughly 70% of revenue, with Cultsport making up the remaining 30%.

Cult.fit Financials: Strong Growth, Still Loss-Making

The financial trajectory tells a story of rapid growth and improving fundamentals, even if profitability is not yet fully there.

Revenue from operations grew 36% year-on-year to ₹1,720.61 crore in FY26 from ₹1,215.54 crore in FY25, and has more than doubled from ₹926.7 crore in FY24. Net loss narrowed sharply by 48% to ₹251.9 crore in FY26 from ₹480.8 crore in FY25. Crucially, adjusted EBITDA turned positive at 8.4% margin in FY26, compared to a negative 2.8% the previous year — a sign the underlying unit economics are improving.

The company raised $47.6 million in a Series G round in March 2026, with Temasek increasing its stake to 12% and the company being valued at approximately ₹12,600 crore ($1.5 billion).

Key Risks to Know

• Still loss-making at PAT level — despite improving EBITDA, the company posted a net loss of ₹251.9 crore in FY26. Investors should watch whether this turns around post-listing.
• Franchise and marketplace dependency — of 708 centres, only 218 are company-owned. Quality control across franchisees and marketplace gyms is an operational risk.
• Concentration risk — a significant portion of revenue still comes from southern Indian cities, primarily Bengaluru. Geographic over-dependence is flagged as a risk in the DRHP itself.
• No identifiable promoter — the absence of a promoter group means governance and strategic direction rely entirely on professional management and the board.
• Competition — the organised fitness market remains competitive, with players like Gold's Gym, Anytime Fitness, and a growing set of boutique studio chains vying for the same urban, health-conscious consumer.

Cult.fit IPO Open Date, Listing Date & What Happens Next

SEBI will now examine the DRHP, a process typically taking 30–75 days. Once cleared, Cult.fit will file the RHP with the final Cult.fit IPO price band and confirm the Cult.fit IPO open date.

The Cult.fit IPO listing date has not been specified yet, but given the July 6 filing date and standard SEBI timelines, a listing in late 2026 on both BSE and NSE is the expected path.

Book Running Lead Managers are Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial, and Morgan Stanley India — a strong syndicate that signals confidence in institutional demand for this issue.

Conclusion

India is in the middle of a fitness boom. Rising disposable incomes, post-COVID health awareness, and a young urban population spending on wellness have pushed organised fitness from a niche to a mainstream spending category. Organised fitness chains have been growing fast in recent years, boosted by rising incomes and growing awareness of wellness.

Cult.fit, founded in 2016, was early to see that the opportunity was not just in gym memberships but in building an end-to-end fitness lifestyle brand — covering workouts, nutrition, mental wellness, and fitness gear under one roof. The IPO is a chance for retail investors to participate in that macro tailwind through a brand that most urban Indians already know.

Whether the market rewards that story will depend on the final price band relative to the last private valuation of ₹12,600 crore — and whether investors are comfortable backing a company that is EBITDA positive but not yet net profitable.

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-Bigul Research Desk

Bonanza Portfolio Limited is a member of NSE & BSE with SEBI Regn. No.: INZ000212137 | SEBI Regn. No. DP: IN-DP-62-2015 | PMS: INP 000000985 | Research Analyst ID: INH100001666)