Sohan Lal Commodity Management, Cult.fit and two other companies have received approval from the Securities and Exchange Board of India (SEBI) to proceed with their initial public offering (IPO) plans.

While Sohan Lal Commodity Management filed its draft IPO documents through the confidential route in March 2026, Cult.fit, Eswari Global Metal Industries and Indian Gas Exchange (IGX) submitted their draft papers in July 2026.

The capital markets regulator issued its observations on the draft IPO papers of Cult.fit and IGX on October 12, followed by those of Sohan Lal Commodity Management and Eswari Global Metal Industries on October 13.

SEBI's observations pave the way for companies to launch their IPOs within the prescribed timelines. Companies that follow the regular filing route generally have 12 months from the date of receiving the observations to launch their IPOs, while those opting for the confidential filing route have 18 months.

Fitness and active lifestyle platform Cult.fit, co-founded by Myntra founder Mukesh Bansal, is backed by prominent global investors, including Temasek, Accel and Schroders. The company plans to raise Rs 950 crore through a fresh issue of shares, alongside an offer for sale (OFS), through its proposed IPO.

Existing investors, including Temasek Holdings-backed MacRitchie Investments, Fitness First Luxembourg, IDG Ventures India Fund, Tata Digital, Chiratae Trust, Schroders Capital, Twenty Nine Capital Partners and Accel India V (Mauritius), are among the proposed selling shareholders. They plan to offload a total of 17.86 crore equity shares through the OFS.

Cult.fit describes itself as India's largest fitness and active lifestyle platform. The company operates 708 fitness centres across 77 cities in India and offers fitness services and active lifestyle products through its app, website and other online and offline channels. As of March 31, 2026, it had more than 9.87 lakh paid members.

New Delhi-headquartered Sohan Lal Commodity Management, founded in 2009 by Sandeep Sabharwal, filed its draft IPO papers with SEBI through the confidential route. Consequently, details of its proposed public offering are not available in the public domain.

Following SEBI's observations, the company can proceed with to the next stage of the IPO process by filing an updated draft red herring prospectus (DRHP). It will subsequently file a red herring prospectus (RHP) with the Registrar of Companies before launching the public offering, within the applicable 18-month period from the date of receiving SEBI's observations.