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 IPO detailsCult.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.Cult.fit IPO OFS, fresh issue mixThe 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.Cult.fit IPO price band, timelineThere is no information available about the price band, and timeline of Cult.fit’s proposed IPO.About Cult.fitThe Bengaluru-headquartered fitness firm operates 708 fitness centres across India and had more than 987000 paid members as of March 31, 2026. The company had filed its IPO papers in July this year.The firm would use the proceeds to expand its network of fitness centres and support other models like its app and website, corporate partnership programmes and direct sales at its fitness centres.The funds raised via IPO would be utilised to expand with new centres. The company will also use the amount for branding and marketing expenses.Cult.fit sells memberships through multiple channels, including its app and website, corporate partnership programmes and direct sales at its fitness centres. The book lead running managers for the proposed IPO are Axis Capital and Goldman Sachs.