Upcoming IPOs: Cult.fit Files DRHP For Rs 950 Crore Fresh Issue, Manipal Healthcare And Rentomojo Get Sebi Approval

Upcoming IPOs: After months of relatively subdued activity, India's initial public offering (IPO) market is seeing fresh momentum. Fitness platform Cult.fit is the latest company to file draft papers with Securities Exchange Board of India (Sebi) for its public issue. It filed the IPO papers with Sebi on July 7, 2026.

Ahead of the IPO filing, Cult.fit strengthened its board by appointing four independent directors, including former banker Kalpana Morparia, former KPMG India Chairman Arun M Kumar, former Ayushman Bharat CEO Indu Bhushan and OpenAI India Public Policy Head Pragya Misra.

Cult.fit has Accel, Tata Digital, Temasek, Kalaari Capital, Chiratae Ventures and Zomato among its investors. It has raised more than $714 million across funding rounds to date.

Meanwhile, a day earlier healthcare major Manipal Healthcare and furniture rental platform Rentomojo secured regulatory clearance to proceed with their offerings, taking them a step closer to listing on the stock exchanges.

The latest developments add to the growing list of companies preparing to go public this year. Several high-profile issues, including those of Jio Platforms and the National Stock Exchange of India (NSE), are also expected in the coming months, making the IPO market one to watch.

Cult.fit IPO: All You Need To Know

According to the draft red herring prospectus (DRHP), the Cult.fit IPO consists of a fresh issue of up to Rs 950 crore and an Offer for Sale (OFS) of up to 178.60 million equity shares. The company may also undertake a pre-IPO placement of up to Rs 190 crore ahead of the issue. If that happens, the fresh issue size will be reduced accordingly.

IPO Size: According to a Reuters report, the estimated the overall Cult.fit IPO size could be around Rs 3,500 crore to Rs 4,000 crore. However, the final issue size will be known only after the company announces its price band.

Selling Shareholders: Several existing investors will pare their stakes through the OFS. These include Temasek-backed MacRitchie Investments, Schroders Capital, Fitness First Luxembourg, Tata Digital, Accel, Kalaari Capital, Chiratae entities, IDG Ventures India and others. Co-founder Mukesh Bansal will also sell up to 16 million shares through the offer.

Objectives: The company plans to use the proceeds from the fresh issue to open new Cult Elite and Cult Neo fitness centres, meet lease and rental expenses for existing centres, repay a part of its borrowings, and spend on brand marketing and advertising. It will also invest in its subsidiary, Cultsport, to expand its exclusive retail stores, while a portion of the funds will be used for general corporate purposes.

Financial Performance: Cult.fit has improved its financials considerably over the past three fiscal years, even though the company is yet to turn profitable. According to the DRHP, revenue from operations nearly doubled to Rs 1,720.6 crore in FY26 from Rs 926.7 crore in FY24. During the same period, its net loss narrowed to Rs 251.9 crore from Rs 888.5 crore.

BRLMs, Registrar: Axis Capital, Goldman Sachs (India), Jefferies India, JM Financial, Morgan Stanley India are the book-running lead managers for the issue, while KFin Technologies is the registrar.

The company's operating performance also strengthened. Its adjusted Ebitda margin, improved to 8.41 per cent in FY26 from a negative 15.13 per cent in FY24, supported by higher scale, better utilisation of fitness centres and improved profitability in its products business.

About Company: Founded in 2016 by Myntra co-founder Mukesh Bansal and Ankit Nagori, Cult.fit has built a health and wellness platform across fitness centres, sports merchandise and healthcare services. Its business is led by the Cult.fit fitness segment, while Cultsport sells fitness equipment, apparel and sports products directly to consumers.

According to the DRHP, the company operated 708 fitness centres across India and had more than 987,192 paid members as of March 31, 2026. The fitness business contributes nearly 70 per cent of revenue, while Cultsport accounts for the remaining share. The company operates in more than 75 cities and shipped over 4 million products through its direct-to-consumer business during FY26, according to the filing.

Risks: Like most companies planning to go public, Cult.fit has also highlighted key risks in its DRHP. These include its history of losses, intense competition in the fitness and wellness market, the possibility of weaker consumer spending, challenges in expanding its network, and the need to retain members as the business grows.

Rentomojo IPO Details

Rentomojo received Sebi's observations for its IPO on July 6.

The proposed issue includes a fresh issue worth up to Rs 150 crore and an OFS of up to 28.40 million equity shares by existing shareholders. The company plans to use the fresh issue proceeds to repay borrowings, meet lease rental and licence fee expenses for warehouses and experience stores, and for general corporate purposes.

Founded by Geetansh Bamania, Rentomojo allows customers to rent furniture, home appliances and electronic products through subscription plans instead of buying them outright. The model has become popular among students, working professionals and people relocating between cities.

Manipal Healthcare IPO Details

Manipal Healthcare also received Sebi's observations for its proposed IPO on the same day.

The IPO comprises a fresh issue of equity shares worth up to Rs 8,000 crore and an OFS of up to 43.20 million shares by existing shareholders, including Imperius Healthcare Investments, Manipal Education and Medical Group India and several financial investors.

The company plans to use most of the fresh issue proceeds to reduce debt at its subsidiary Manipal Hospitals, acquire a minority stake in Sahyadri Hospitals and meet general corporate requirements. It may also complete a pre-IPO placement of up to Rs 1,600 crore before the issue.

Temasek-backed Manipal Healthcare operates one of India's largest hospital networks. According to its DRHP, it had 38 hospitals as of September 30, 2025, with a pro forma network of 48 hospitals across 14 states and Union Territories. Following the opening of another hospital in Bengaluru, its licensed bed capacity increased to 12,631 by December 31, 2025.