Cult.Fit Ltd., a fitness chain backed by Singapore's Temasek Holdings, has submitted draft documents for an initial public offering on Indian exchanges. The company aims to raise approximately $100 million through this listing, marking a notable debut for a gym operator in India.

The planned IPO comes as the Indian market sees a dearth of new listings from the fitness and wellness sector. Cult.Fit's move could signal renewed investor interest in consumer-facing businesses recovering from pandemic-induced disruptions.

Proceeds from the offering are expected to fuel the company's expansion plans and potentially strengthen its position against competitors. Investors watching the Indian consumer discretionary space will monitor Cult.Fit's performance post-listing, as it represents a significant bet on the growth of organized fitness services in the country.