Cult.Fit Files $100 Million India IPO to Fund Expansion, Repay Debt
Updated
Updated · Bloomberg · Jul 7
Cult.Fit Files $100 Million India IPO to Fund Expansion, Repay Debt
3 articles · Updated · Bloomberg · Jul 7
Summary
Cult.Fit submitted draft papers Tuesday for an India IPO worth about $100 million, setting up a rare public listing for a gym operator in the country.
The company said the offering is intended to fund expansion and repay debt, tying the share sale directly to growth plans and balance-sheet repair.
The IPO will combine newly issued shares with stock sales by existing investors, including Temasek’s MacRitchie Investments, Fitness First Luxembourg and Tata Digital.
The filing was made to the National Stock Exchange, marking another test of investor appetite for consumer fitness businesses in India.