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.