SEBI Approves IPO Plans for Cult.fit and Three Others

The Securities and Exchange Board of India (SEBI) has officially approved the initial public offering (IPO) plans of four companies, including Cult.fit and Sohan Lal Commodity Management. This decision was made after SEBI reviewed the draft IPO documents submitted by these companies, with observations issued on October 12 and 13, 2026.

Cult.fit, co-founded by Myntra's Mukesh Bansal, is a leading fitness and lifestyle platform in India. The company plans to raise Rs 950 crore through its IPO, which will include a fresh issue of shares and an offer for sale (OFS) from existing investors. Notable backers of Cult.fit include Temasek and Accel, with a total of 17.86 crore equity shares set to be sold through the OFS.

Sohan Lal Commodity Management, established in 2009, has opted for a confidential filing route for its IPO, making specific details about its offering less accessible to the public. Following SEBI's observations, the company is now positioned to file an updated draft red herring prospectus (DRHP) and subsequently a red herring prospectus (RHP) with the Registrar of Companies.

Eswari Global Metal Industries, based in Tamil Nadu, is also among the approved companies, seeking to raise Rs 500 crore through its IPO. The firm specializes in recycling and manufacturing non-ferrous metal products and will also conduct an OFS for 1.32 crore equity shares. Similarly, the Indian Gas Exchange, which filed its IPO documents in July 2026, plans to offer 1.67 crore equity shares through an OFS, with its promoter, Indian Energy Exchange, holding a significant stake.

With SEBI's approval, these companies are now on track to launch their IPOs within the designated timelines. Companies that follow the regular filing route typically have 12 months to proceed, while those using the confidential route have 18 months. This development is expected to enhance market activity and provide investors with new opportunities in the upcoming months.