Cult.fit Shortlists Five Bankers for INR 2,500 Cr IPO
The Indian startup ecosystem has witnessed a surge in unicorn IPOs in recent times, and the latest addition to this list is fitness unicorn Cult.fit. As per a recent report by CNBC-TV18, Cult.fit has initiated its bid to become a publicly listed company and has shortlisted five top investment banks to lead its INR 2,500 crore public offering.
Cult.fit, which was founded in 2016 by Taranjeet Singh, has been one of the fastest-growing fitness startups in the country. The company has disrupted the traditional gym culture by offering a unique blend of fitness and wellness services, including yoga, Pilates, and high-intensity interval training (HIIT). With a strong presence in over 50 cities across India, Cult.fit has become a household name, especially among the younger generation.
The company’s success can be attributed to its innovative business model, which focuses on providing a holistic fitness experience to its members. Cult.fit’s fitness centers, known as ‘cult.fit studios,’ offer a range of fitness classes, personal training sessions, and wellness workshops, all under one roof. The company has also leveraged technology to enhance the fitness experience, offering a mobile app that allows members to book classes, track their progress, and connect with other fitness enthusiasts.
Cult.fit’s decision to go public is a significant development in the Indian startup ecosystem, as it marks the fourth unicorn IPO in the country this year. In 2021, companies like Zomato, Nykaa, and PolicyBazaar have already listed their shares on the stock exchange, raising millions of dollars in the process.
As reported by CNBC-TV18, Cult.fit has shortlisted five top investment banks to lead its INR 2,500 crore public offering. The shortlisted banks include Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial. These banks will be responsible for managing the IPO process, including pricing, marketing, and distribution of the shares.
The selection of these banks is a significant development, as it indicates that Cult.fit is looking to tap into the expertise and resources of some of the world’s top investment banks. Axis Capital, for instance, has advised several Indian startups on their IPOs, including Zomato and Nykaa. Jefferies, on the other hand, has a strong presence in the Indian markets and has advised several companies on their IPOs, including the IPO of Avenue Supermarts, the parent company of D-Mart.
Goldman Sachs, one of the most prestigious investment banks in the world, has a strong presence in the Indian markets and has advised several Indian companies on their IPOs, including the IPO of Hindustan Unilever. Morgan Stanley, another top investment bank, has also advised several Indian companies on their IPOs, including the IPO of ICICI Lombard General Insurance.
JM Financial, a leading investment bank in India, has advised several Indian startups on their IPOs, including the IPO of PolicyBazaar. The company’s expertise in the IPO process, combined with its deep understanding of the Indian markets, makes it an attractive choice for Cult.fit.
The IPO of Cult.fit is expected to be one of the most highly anticipated in the Indian startup ecosystem this year. The company’s unique business model, combined with its strong growth prospects, makes it an attractive investment opportunity for institutional investors and retail investors alike.
In conclusion, the shortlisting of five top investment banks by Cult.fit to lead its INR 2,500 crore public offering is a significant development in the Indian startup ecosystem. The company’s decision to go public is a testament to its success and its potential for growth, and the selection of these banks indicates that Cult.fit is looking to tap into the expertise and resources of some of the world’s top investment banks.
Source: https://inc42.com/buzz/cult-fit-shortlists-five-bankers-for-inr-2500-cr-ipo/
