CAM, Trilegal Act On Cultfit’s INR 950 crore IPO

Cyril Amarchand Mangaldas is advising Cult.Fit on its proposed initial public offering of equity shares consisting of a fresh issue of INR 950 crore and an offer for sale of 178,609,200 shares by the selling shareholders.

Trilegal is advising the book-running lead managers, including Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial, and Morgan Stanley India on Cult.Fit‘s proposed initial public offering of equity shares,

The IP consists of a fresh issue aggregating up to INR 9,500 million and an offer for sale by the selling shareholders aggregating up to 178,609,200 equity shares of face value by INR 1 each. 

Cult.fit’s DRHP presents the IPO as a growth-and-capital-structure event, with the fresh issue proceeds earmarked for expanding its centre network, meeting lease and rental obligations, repaying borrowings, funding brand marketing and supporting Cultsport.

Cult.Fit is a leading omnichannel health and wellness company that operates subscription-based physical fitness centers (like Cult Elite and Cult Neo), digital telehealth services, and sportswear/equipment retail. They also own and operate the brand rights for Gold’s Gym in India.

CAM’s team advising the issuer is being led by partner Tanvi Kini. The general corporate team is led by partner Sharada Ramachandra. Partner Biplab Lenin assisted with certain sector specific advisory matters. Partner Bharath Reddy was involved in the ESOP and related workstream as well as on other employment related matters.

The Trilegal Capital Markets Team advising on the mandate is led by Partner: Vinay Sirohia and supported by Senior Associate: Harshvardhan Lahiri and Associates: Kohsheen Saraf, Olivia De, Jahnavi Jayasimha Rao, Hanna Vettoor, Dwija Vasavada, and Rishabh Shah.