(July 7): Cult.Fit Ltd has filed draft paperwork to raise about US$100 million ($129.24 million) in an initial public offering (IPO), a rare debut for a gym operator in the world’s most populous country.
The IPO will include new shares as well as stock offered by existing holders including Singapore state investor Temasek’s MacRitchie Investments Pte Ltd, Fitness First Luxembourg and Tata Digital Pvt Ltd, according to the filing submitted Tuesday to the National Stock Exchange.
The company, which operates more than 700 fitness centres and has almost 100,000 paid members, aims to use the proceeds for expansion as well as for debt repayment and investment into its apparel and equipment maker unit Cultsport.
Cult.Fit reported a loss of 2.5 billion rupees ($34 million) on a revenue of 17.2 billion for the year through March. It also reported loss for the preceding two years, the document showed.
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