Two IPO Profiles, One Big Listing | Decoding Exits - July '26
Blume VenturesAugust 27, 202600:07:35

Two IPO Profiles, One Big Listing | Decoding Exits - July '26

In this month's Decoding Exits, Vikram Gawande (Blume Ventures) breaks down IPO activity from July 2026, two DRHP filings, one landmark listing, and four post-IPO block trades worth ₹3,362 Cr in PE/VC liquidity.

🏋️ Cult.fit DRHP — ~₹3,200 Cr issue. 708 centres, 77 cities. FY26 revenue ₹1,721 Cr, 41% growth. Temasek, Tata Digital, Accel, IDG, Chiratae-backed.

🧷 Swara Baby Products DRHP — ~₹1,000 Cr issue. FirstCry subsidiary. FY26 revenue ₹1,164 Cr, 17% EBITDA margin.

🏥 Manipal Health Enterprises listing — ₹9,275 Cr issue (86% fresh). 16 years to IPO. FY26 revenue ₹10,336 Cr, 27% EBITDA margin. +9% in first week.

💰 Post-IPO block trades — Eight Roads + Flipkart Internet (Shadowfax), Peak XV (Go Digit), QRG Investments (Jana SFB), Amicus Capital (Capital SFB).

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