Cyril Amarchand Mangaldas, Khaitan & Co, Linklaters and Trilegal are advising on Cult.fit’s proposed INR9.5 billion (USD98.45 million) initial public offering on the BSE and NSE.
The IPO comprises an offering of fresh shares and 36 existing shareholders selling up to 178.6 million shares at a face value of INR1 each.
“The transaction presented discussions relating to the capital structure given the existing shareholders. The corporate structure was also interesting,” partner Tanvi Kini told India Business Law Journal. Partners Yash Ashar and Tanvi Kini led the Cyril Amarchand Mangaldas capital markets team, while partner Sharada Ramachandra led the general corporate team. Partner Biplab Lenin counselled on certain sector-specific regulatory matters, and partner Bharath Reddy acted on the employee stock option plan workstream and other employment-related matters.
Khaitan & Co advised all 36 selling shareholders. The transaction team comprised partners Thomas George and Suman Prabhu, senior associate Tharun Vadlapatla, and associates Sanjeev Ramakrishnan, Lakshmi Raj, and Shreya Shetty GR.
Trilegal advised the book-running lead managers (BRLMs), including Axis Capital, Goldman Sachs (India) Securities, Jefferies India, JM Financial and Morgan Stanley India. Partner Vinay Sirohia led the team with senior associate Harshvardhan Lahiri, and associates Kohsheen Saraf, Olivia De, Jahnavi Jayasimha Rao, Hanna Vettoor, Dwija Vasavada and Rishabh Shah.
Linklaters provided international legal counsel to the BRLMs.
Bengaluru-headquartered Cult.fit, which offers tailored wellness programmes to company employees covering fitness, mental health and nutrition, submitted its draft red herring prospectus to the Securities and Exchanges Board of India on 6 July 2026.
