For the last few years, many IPOs have largely been driven by internet-first platforms, fintechs, quick commerce, and companies chasing scale over profitability.
Cult’s IPO feels different.
At its core, Cult is a fitness business. It earns revenue by operating gyms, fitness centers, and offering memberships something tangible that people use every day. While the company has expanded into digital fitness, sportswear, and wellness, its primary business is still getting people into gyms.
It feels refreshing to see a company with a real world operating business heading to the public markets after quite some time. Whether the IPO is attractively priced is a separate discussion, but from a business perspective, it’s interesting to see a company built around Health centric.