Cult.fit IPO: Months after filing draft papers, fitness services firm Cult.fit received Securities Exchange Board of India (SEBI)’s approval for the initial public offering on Friday. Apart from approving the IPO, the market watchdog has issued observations on the company’s Draft Red Herring Prospectus (DRHP).
Apart from Cult.fit, Sohan Lal Commodity Management, Eswari Global Metal Industries and Indian Gas Exchange (IGX) also received SEBI nod to proceed with their IPO plans.
Cult.fit filed to bring its IPO in July. The fitness major aims to raise nearly ₹950 crore and an offer for sale (OFS) of up to 17.86 crore shares.
The proposed IPO is a combination of a fresh issue, a component to create and sell new shares to the public, and an offer for sale (OFS), a mechanism for existing shareholders to sell their shares. The proposed IPO comprises a fresh issue of equity shares worth up to ₹950 crore and an OFS of up to 17.86 crore equity shares by existing shareholders.
There is no information available about the price band, and timeline of Cult.fit’s proposed IPO.