New Delhi, Fitness services platform Cult.fit, Eswari Global Metal Industries and agri-warehousing firm Sohan Lal Commodity Management have secured approval from Sebi to raise funds through initial public offerings (IPOs), according to an update on the regulator’s website.
The Securities and Exchange Board of India’s (Sebi) observations mark a key step in the IPO process, allowing the companies to proceed with their public issue plans, subject to applicable regulatory requirements.
The approvals come amid strong fundraising activity in the primary market, with companies raising over Rs 1.1 lakh crore through 97 public issues so far in 2026. Several large IPOs are also lined up for launch this month, indicating continued momentum in the market.
While Cult.fit and Eswari Global Metal Industries filed their draft offer documents through the standard route, Sohan Lal Commodity Management opted for the confidential pre-filing route.
The companies submitted their papers between March and July, and Sebi issued its observations during October 12-13, the update showed.
Cult.fit’s proposed IPO comprises a fresh issue of equity shares worth up to Rs 950 crore and an offer for sale (OFS) of up to 17.86 crore equity shares by existing shareholders, according to its draft red herring prospectus (DRHP) filed with Sebi in July.
The selling shareholders include MacRitchie Investments Pte Ltd, Fitness First Luxembourg SCA, IDG Ventures India Fund III LLC, Tata Digital, Chiratae Trust, Schroders Capital Private Equity Asia Mauritius IV Ltd, and Accel India V (Mauritius) Ltd.
Co-founder Mukesh Bansal and actor Hrithik Roshan are also among those offloading shares through the OFS.
The Bengaluru-headquartered company plans to use the proceeds from the fresh issue to repay or prepay certain borrowings, expand its fitness centre network, and invest in subsidiary Cultsport Pvt Ltd to establish new exclusive brand outlets.
The funds will also be used for lease-related payments for existing centres, brand marketing and general corporate purposes.
Eswari Global Metal Industries’ proposed IPO comprises a fresh issue of Rs 500 crore and an OFS of up to 1.32 crore equity shares.
According to market sources, the overall IPO size is estimated at Rs 1,100 crore to Rs 1,300 crore.
The Coimbatore-based company plans to utilise Rs 150 crore from the fresh issue proceeds to part-finance capital expenditure for Phase II of its manufacturing facility’s expansion at Mundra, Gujarat.
Another Rs 250 crore is earmarked for debt repayment, while the remaining proceeds will be used for general corporate purposes, as per the draft papers.
Eswari Global Metal Industries is an integrated multi-metal recycling and value-added manufacturing company engaged in recycling non-ferrous metals, plastics and electronic waste.
Sohan Lal Commodity Management, which specialises in technology-driven agricultural logistics, filed its preliminary IPO papers with Sebi through the confidential pre-filing route in March.
The confidential route allows issuers to seek feedback from Sebi on their draft offer documents without making the filings publicly available at the initial stage.
All three companies have proposed to list their shares on the BSE and the NSE.
