Curefit Moves Closer To IPO With Board Changes, Festive Listing In Sight

Curefit, the parent company of Cult.fit, has added four independent directors to its board as it approaches a potential public listing.

The new members are Kalpana Morparia, Arun M. Kumar, Indu Bhushan and Pragya Misra, with experience in finance, consulting, public policymaking, and technology.

The appointments are meant to enhance governance as the company gears up towards its initial public offering (IPO).

What Are The IPO Plans?

Curefit IPO is pegged at around ₹2,500 crore, with a target valuation of approximately $2 billion.

Depending on market conditions, the company is likely to consider listing during the festive season, including Diwali.

It has engaged several investment banks such as Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley and JM Financial as book-running lead managers of the issue.

The IPO plans are in the wake of a recent investment of Temasek, which injected ₹440 crore into the company and raised its stake to approximately 12%.

What Is Driving Business Growth?

Founded in 2016, Curefit operates a multi-format fitness and wellness platform under the cult brand, offering gyms, group workouts, sports facilities, and fitness products.

The company has established a presence in various cities through physical facilities with online services, and corporate wellness programmes.

How Is The Business Performing?

Curefit has recorded high growth, as well as an increase in profitability ratios. The company posted revenue of ₹1,216 crore in FY25, reflecting a 31% year-on-year increase.

It also substantially cut its earnings before interest, taxes, depreciation, and amortisation (EBITDA) losses to ₹36 crore, and its margins were increased to -3% as compared to -22% the year before.

This has been enhanced by the increased utilisation, improved customer retention and operational efficiencies.

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What Does This Mean For Investors?

To investors, the addition of the board and the rising financials are signs that Curefit is ready to launch in the public market with a better governance structure.

The planned IPO, coupled with the recent influx of capital, suggests a strong interest from investors in the fitness and wellness space. Before the offering goes live, potential investors would be wise to keep an eye on the listing timelines, the company's profitability trends, and the broader market environment.

Sources:

CNBC TV18

Outlook Business