SEBI Approves IPO Plans Of Four Companies, Including Indian Gas Exchange And Sohan Lal Commodity Management
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SEBI has cleared IPO plans for Cult.fit, IGX, Sohan Lal Commodity Management and Eswari Global Metal Industries, including fresh issues and offers for sale to fund expansion and enable shareholder exits.
The Securities and Exchange Board of India (SEBI) has cleared the initial public offering (IPO) plans of fitness platform Cult.fit and three other companies. The regulatory observations allow the companies to move forward with their proposed public listings.
The other companies are Indian Gas Exchange (IGX), Sohan Lal Commodity Management and Eswari Global Metal Industries. SEBI issued its observations on the draft IPO documents of Cult.fit and IGX on 12 October 2026. It issued approvals for Sohan Lal Commodity Management and Eswari Global Metal Industries on 13 October 2026.
Companies following the regular filing route generally have 12 months from receiving SEBI's observations to launch their initial public offerings (IPOs). Those using the confidential filing route have 18 months.
Cult.fit Plans ₹950 Crore Fresh Issue
Cult.fit, co-founded by Myntra founder Mukesh Bansal, plans to raise ₹950 crore through a fresh issue of shares. The proposed Cult.fit IPO will also include an offer for sale (OFS) of up to 17.86 crore equity shares by existing investors.
The proposed selling shareholders include:
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Temasek-backed MacRitchie Investments
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Fitness First Luxembourg
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IDG Ventures India Fund
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Tata Digital
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Chiratae Trust
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Schroders Capital
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Twenty Nine Capital Partners
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Accel India V (Mauritius)
The company operates a fitness and active lifestyle platform through its digital channels and physical centres. As of 31 March 2026, it had 708 fitness centres across 77 cities and more than 9.87 lakh paid members.
Cult.fit intends to use the proceeds from the fresh issue to expand its fitness centre network. The funds will also support branding, marketing and other business requirements.
IGX IPO To Be Entirely An Offer For Sale
The proposed IGX IPO will comprise an offer for sale (OFS) of 1.67 crore equity shares. Indian Energy Exchange (IEX), which promotes IGX and holds a 47.28% stake, will sell the shares.
The IPO paperwork was filed in July 2026. IGX is pursuing an offer for sale (OFS), not a fresh share issue. That distinction matters. The proceeds will accrue to IEX, rather than IGX, as existing shareholders sell their stakes without the company raising capital through newly issued shares.
Sohan Lal Commodity Management Advances IPO Plans
Sohan Lal Commodity Management, headquartered in New Delhi, has received SEBI's observations on its draft IPO papers. The company filed them through the confidential route in March 2026.
Founded by Sandeep Sabharwal in 2009, it specialises in technology-driven agricultural logistics. Its services span warehousing, procurement, commodity management and collateral management.
The IPO details remain undisclosed. Neither the proposed issue size nor its structure has been made public. With SEBI's observations received, the company can move ahead with the subsequent regulatory filings and pursue its IPO within the applicable timeline.
Eswari Global Metal Industries Plans ₹500 Crore IPO
Tamil Nadu-based Eswari Global Metal Industries IPO is expected to raise ₹500 crore through a fresh issue of equity shares. Existing shareholders, including promoters, also intend to sell 1.32 crore shares through an OFS.
The company operates in the recycling and manufacturing of value-added non-ferrous metal products. While the fresh issue will provide funds to the company, the OFS will enable existing shareholders to sell part of their holdings.
What SEBI's Approval Means
SEBI's observations allow all four companies to advance their IPO processes but do not confirm their listing dates. Companies using the regular filing route generally have 12 months to launch their IPOs after receiving observations, while those using the confidential route have 18 months.
This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Neha Dubey has spent 6+ years turning market chaos into something readable. At Kotak Neo, she works on IPOs and writes for the Market Ready newsletter — making sense of the markets so you don't have to.
Off the clock, she's chasing good stories, new cuisines, and the occasional impromptu singalong. A believer in small pleasures, with excellent taste for a well-timed splurge.
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