The Securities and Exchange Board of India (SEBI) on Friday approved four initial public offering (IPO) proposals, including those of fitness platform Cult.fit, agri-logistics provider Sohan Lal Commodity Management, Eswari Global Metal Industries and Indian Gas Exchange.
The market regulator issued observation letters to the companies' draft offer documents, marking a key step towards launching their public issues. The approvals pave the way for the companies to proceed with their IPO plans, subject to completing the remaining regulatory and procedural requirements.
Cult.fit IPO
Cult.fit, co-founded by Myntra founder Mukesh Bansal, is a fitness services and active lifestyle platform backed by investors including Temasek, Accel and Schroders. Previously known as Curefit Healthcare Pvt Ltd, the company offers fitness services and active lifestyle products through its cult.fit app, website and other online and offline channels.
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The proposed IPO comprises a fresh issue of equity shares worth up to Rs 950 crore and an offer for sale (OFS) of up to 17,86,09,200 equity shares by existing shareholders. Axis Capital, Jefferies, JM Financial, Goldman Sachs and Morgan Stanley are the book-running lead managers for the issue. The shares are proposed to be listed on the BSE and NSE.
The proceeds from the fresh issue will primarily be used to expand the company's network, meet operational obligations and fund growth initiatives.
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Of the proposed proceeds, Rs 276.6 crore will be allocated towards capital expenditure for establishing new Cult Centres. Another Rs 217.5 crore will be used to meet lease and rental obligations for existing and identified fitness centres. Cult.fit plans to deploy Rs 120 crore towards the partial or full repayment of outstanding borrowings from Axis Bank. It has also earmarked Rs 75 crore for brand marketing and advertising campaigns and Rs 23.4 crore for expanding its Cultsport exclusive brand outlets.
The remaining proceeds will be used for general corporate purposes, subject to applicable regulatory limits.
Sohan Lal Commodity Management IPO
Sohan Lal Commodity Management operates in post-harvest agricultural logistics and commodity management. The technology-driven company provides warehousing, procurement and collateral management services for agricultural commodities. It also offers end-to-end agricultural solutions for farmers and other stakeholders in India's agricultural supply chain.
The company's IPO details, including the issue size and structure, were not specified in the information available alongside the approval announcement.
Eswari Global Metal Industries
Tamil Nadu-based Eswari Global Metal Industries, which recycles and manufactures value-added non-ferrous metal products, has received SEBI's approval for its IPO proposal.
The company plans to raise Rs 500 crore through a fresh issue of equity shares. Existing shareholders, including promoters, will also sell 1.32 crore equity shares through an offer for sale. While the fresh issue will raise capital for the company, proceeds from the OFS will go to the shareholders selling their stakes.
Indian Gas Exchange IPO
Indian Gas Exchange, promoted by power trading platform Indian Energy Exchange (IEX), has also received regulatory approval for its proposed public issue. The company filed its draft IPO papers in July 2026. The proposed issue comprises an OFS of 1.67 crore equity shares by IEX, which holds a 47.28% stake in the gas exchange.
Since the proposed issue is entirely an OFS, the proceeds will go to the selling shareholder rather than directly to Indian Gas Exchange.
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