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What is the story about?
Four companies, including fitness platform Cult.fit and Indian Gas Exchange (IGX), have received observations from the Securities and Exchange Board of India (SEBI) on their draft initial public offering (IPO) documents, clearing the way for them to advance their listing plans.
The other two companies are Sohan Lal Commodity Management and Eswari Global Metal Industries. While Sohan Lal filed its draft papers through the confidential route in March 2026, the other three companies submitted their documents in July.
SEBI issued its observations on the draft IPO papers of Cult.fit and IGX on October 12, followed by those of Sohan Lal Commodity Management and Eswari Global Metal Industries on October 13.
The regulator’s observations allow companies to move to the next stage of the IPO process. Those using the regular filing route generally have 12 months from the date of receiving SEBI’s observations to launch their offerings, while companies opting for the confidential route have 18 months.
Cult.fit, co-founded by Myntra founder Mukesh Bansal, plans to raise ₹950 crore through a fresh issue of shares, alongside an offer for sale (OFS) by existing shareholders.
The proposed selling shareholders include MacRitchie Investments, backed by Temasek Holdings, Fitness First Luxembourg, IDG Ventures India Fund, Tata Digital, Chiratae Trust, Schroders Capital, Twenty Nine Capital Partners and Accel India V (Mauritius). Together, they plan to sell 17.86 crore equity shares through the OFS.
The fitness and active lifestyle platform counts Temasek, Accel and Schroders among its prominent investors. It describes itself as India’s largest fitness and active lifestyle platform, operating 708 fitness centres across 77 cities as of the disclosed period.
The company offers fitness services and active lifestyle products through its app, website and physical centres. As of March 31, 2026, it had more than 9.87 lakh paid members.
New Delhi-headquartered Sohan Lal Commodity Management, founded in 2009 by Sandeep Sabharwal, filed its draft IPO papers with SEBI through the confidential route. Details of the proposed issue have therefore not been made publicly available.
With SEBI’s observations in hand, the company can proceed with the next stage of the process by filing an updated draft red herring prospectus (DRHP). It will subsequently file a red herring prospectus (RHP) with the Registrar of Companies before launching the IPO, within the applicable 18-month window.
Sohan Lal Commodity Management provides technology-driven post-harvest agricultural logistics services. Its offerings include commodity management, warehousing, procurement and collateral management, as well as end-to-end agricultural solutions for farmers and other industry stakeholders.
Tamil Nadu-based Eswari Global Metal Industries plans to raise ₹500 crore through a fresh issue of equity shares. Its existing shareholders, including the 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.
Indian Gas Exchange, promoted by Indian Energy Exchange (IEX), filed its draft IPO papers in July 2026. The proposed offering comprises an OFS of 1.67 crore equity shares by IEX, which holds a 47.28% stake in the gas exchange.
Unlike a fresh issue, an OFS allows existing shareholders to sell their holdings, with the proceeds going to the selling shareholders rather than the company.
The other two companies are Sohan Lal Commodity Management and Eswari Global Metal Industries. While Sohan Lal filed its draft papers through the confidential route in March 2026, the other three companies submitted their documents in July.
SEBI issued its observations on the draft IPO papers of Cult.fit and IGX on October 12, followed by those of Sohan Lal Commodity Management and Eswari Global Metal Industries on October 13.
The regulator’s observations allow companies to move to the next stage of the IPO process. Those using the regular filing route generally have 12 months from the date of receiving SEBI’s observations to launch their offerings, while companies opting for the confidential 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, alongside an offer for sale (OFS) by existing shareholders.
The proposed selling shareholders include MacRitchie Investments, backed by Temasek Holdings, Fitness First Luxembourg, IDG Ventures India Fund, Tata Digital, Chiratae Trust, Schroders Capital, Twenty Nine Capital Partners and Accel India V (Mauritius). Together, they plan to sell 17.86 crore equity shares through the OFS.
The fitness and active lifestyle platform counts Temasek, Accel and Schroders among its prominent investors. It describes itself as India’s largest fitness and active lifestyle platform, operating 708 fitness centres across 77 cities as of the disclosed period.
The company offers fitness services and active lifestyle products through its app, website and physical centres. As of March 31, 2026, it had more than 9.87 lakh paid members.
Sohan Lal Commodity Management takes confidential route
New Delhi-headquartered Sohan Lal Commodity Management, founded in 2009 by Sandeep Sabharwal, filed its draft IPO papers with SEBI through the confidential route. Details of the proposed issue have therefore not been made publicly available.
With SEBI’s observations in hand, the company can proceed with the next stage of the process by filing an updated draft red herring prospectus (DRHP). It will subsequently file a red herring prospectus (RHP) with the Registrar of Companies before launching the IPO, within the applicable 18-month window.
Sohan Lal Commodity Management provides technology-driven post-harvest agricultural logistics services. Its offerings include commodity management, warehousing, procurement and collateral management, as well as end-to-end agricultural solutions for farmers and other industry stakeholders.
Eswari Global Metal Industries plans ₹500 crore issue
Tamil Nadu-based Eswari Global Metal Industries plans to raise ₹500 crore through a fresh issue of equity shares. Its existing shareholders, including the 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.
IGX issue to be an offer for sale
Indian Gas Exchange, promoted by Indian Energy Exchange (IEX), filed its draft IPO papers in July 2026. The proposed offering comprises an OFS of 1.67 crore equity shares by IEX, which holds a 47.28% stake in the gas exchange.
Unlike a fresh issue, an OFS allows existing shareholders to sell their holdings, with the proceeds going to the selling shareholders rather than the company.
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