Cult.Fit Targets $100 Million India IPO to Fuel Expansion

The offering, which amounts to approximately $99.6 million, involves the sale of up to 178.6 million shares. Current backers, including Singapore’s Temasek Holdings via MacRitchie Investments, the international gym chain Fitness First, and Tata Group’s e-commerce division, intend to divest portions of their holdings through the listing.

Management plans to allocate the capital toward expanding the company’s physical footprint, settling outstanding debt, and scaling its proprietary sportswear brand, Cultsport. This expansion strategy aligns with broader economic shifts in India, where a young, urban middle class is driving increased expenditure on physical fitness. Government initiatives promoting preventive health have further fortified the industry's growth trajectory.

Goldman Sachs, Morgan Stanley, and Jefferies are overseeing the process, positioning Cult.Fit among a wave of high-profile listings expected to hit the National Stock Exchange. The company’s entry into the public market coincides with a wider revival in Indian equity offerings, following recent interest in major entities like Jio Platforms.