Cult.fit IPO: 'Alpha' star Hrithik Roshan is a selling shareholder - Check number of shares he will offload

IPO-bound Cult.fit Ltd has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), outlining plans to raise Rs 950 crore through a fresh issue of equity shares while providing an exit opportunity to several existing investors, including Bollywood actor Hrithik Roshan.

The Bengaluru-headquartered fitness and wellness company's public issue will comprise a fresh issue of equity shares worth Rs 950 crore and an offer for sale (OFS) of up to 178.6 million equity shares with a face value of Re 1 each by existing shareholders.

According to the DRHP, Hrithik Roshan owns 1.9 million equity shares in the company and plans to sell up to 633,813 shares through the OFS, while continuing to retain a majority of his holding. Following the conversion of compulsorily convertible preference shares (CCPS), the average acquisition cost of his equity shares stands at Rs 19.76 per share.

Among the selling shareholders, co-founder Mukesh Bansal will sell the largest stake by selling up to 16.02 million equity shares. Other shareholders participating in the OFS include Onyx co-founder Asaf Avidan Antonir, who will sell up to 3.9 million shares, HP Adhesives Managing Director Karan Haresh Motwani, who plans to divest 907,287 shares, Mukul Deoras, who will sell 211,245 shares, and FitEduCoach founder and CEO Shraddha Seth, who intends to offload 49,849 shares.

The company has also proposed a pre-IPO placement of up to Rs 190 crore. If completed before the filing of the red herring prospectus, the proceeds raised through the fresh issue will be reduced by an equivalent amount.

The IPO is being managed by Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial and Morgan Stanley India, which have been appointed as the book-running lead managers to the issue.

Founded in 2016 by Mukesh Bansal and Ankit Nagori, Cult.fit has built one of India's largest fitness platforms, operating 708 fitness centres across 77 cities.

The company has reported strong revenue growth in recent years. Operating revenue climbed 40% year-on-year to over Rs 1,721 crore in FY26, compared with Rs 1,216 crore in FY25.

While Cult.fit continues to remain loss-making, its profitability has improved steadily. The company narrowed its net loss to Rs 252 crore in FY26 from Rs 481 crore in FY25 and Rs 888 crore in FY24, reflecting improving operating leverage.

Fitness subscriptions and services offered through the company's network of gyms and group workout centres contribute nearly 70% of total revenue, while the remaining 30% comes from its transaction-led fitness products business.