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 this IPO.
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.
The filing also shows that the company is still in a scale-up phase, with the public offer positioned around funding expansion, strengthening the balance sheet and building brand reach at a time when the business remains operationally dependent on physical centres and consumer demand in key urban markets.
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.
Trilegal’s transaction is led by partner Vinay Sirohia, with support from senior associate Harshvardhan Lahiri and associates Kohsheen Saraf, Olivia De, Jahnavi Jayasimha Rao, Hanna Vettoor, Dwija Vasavada, and Rishabh Shah.
