Cult.fit has actually revealed a significant modification to its enduring association with Hrithik Roshan’s activewear brand name HRX ahead of its organized going public (IPO). According to the business’s Draft Red Herring Prospectus (DRHP) submitted with the Securities and Exchange Board of India (SEBI), Cult.fit has actually ended its special contract with Extreme Brands LLP, the business that owns the rights to the HRX brand name.
Hrithik Roshan’s HRX exits Cult.fit brand name collaboration ahead of IPO; star to stay financier
Special HRX contract pertains to an end
Cult.fit had actually participated in a contract with Extreme Brands LLP on August 11, 2023, protecting continuous and special rights to the HRX brand name. While the business did not divulge the yearly factor to consider for the plan, the arrangement supposedly brought a contingent liability of almost Rs 30 crores.
The most recent DRHP, nevertheless, verifies that the contract has actually now been ended. The filing has actually not divulged the factors behind the choice or whether the relocation will have any influence on Cult.fit’s branding technique moving forward.
Hrithik Roshan to offer part of his stake through OFS
The DRHP likewise exposes that Hrithik Roshan will take part in the Offer for Sale by offering 6.33 lakhs equity shares. In spite of the partial divestment, the star will continue to stay a financier in the business after the IPO.
Hrithik initially bought Cult.fit in May 2018 when he came on board as the business’s brand name ambassador. He apparently invested around Rs 3.75 crores, and the worth of that stake has actually grown considerably throughout the years. Based upon Cult.fit’s newest assessment, the financial investment is approximated to be worth around Rs 25 crores.
Along with the star, his associated entity, Extreme Brands LLP, likewise invested around Rs 2.25 crores in the business.
The advancement comes as the Bengaluru-based physical fitness and health business prepares to go public with a proposed fresh problem of shares worth Rs 950 crores, in addition to an Offer for Sale (OFS) by a number of existing investors.
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