Mumbai, July 9 -- Tata Digital will offload about half of its stake in Cult.fit during the company's upcoming initial public offering, marking the first time it will sell shares in a new-age company that it invested in under Tata Sons chairman N. Chandrasekaran's digital commerce push.

Tata Digital invested Rs.360 crore in the company in August 2021. Tata's digital arm did not make any subsequent investments in Cult.fit and also forfeited partially subscribed shares, raising questions on whether it had re-evaluated its investment in the gym and fitness-centre chain.

The Bengaluru-based company is looking to offer its shares at a valuation of around Rs.15,000 crore on a fully diluted basis, as per a merchant banker involved with the IPO....