Solitario Lab Grown Limited Filed DRHP With BSE SME

Mumbai (Maharashtra) [India], October 7: Solitario Lab Grown Limited has filed its Draft Red Herring Prospectus (DRHP) with the SME Platform of BSE Limited (BSE SME) for its proposed Initial Public Offering.

The IPO comprises a Fresh Issue of up to 65,00,000 equity shares and an Offer for Sale of up to 5,42,000 equity shares by Yashodhara Consultive LLP, the Investor Selling Shareholder. The proposed offer aggregates up to 70,42,000 equity shares with a face value of ₹10 each. The equity shares are proposed to be listed on the SME Platform of BSE Limited.

According to the DRHP, the fresh issue proceeds are proposed to be used for expenditure towards setting up 20 new Exclusive Brand Outlets and adding 75 new Shop-in-Shop (SIS) counters in India, including fit-outs, lease security deposits and inventory for the new stores and SIS counters, as well as for general corporate purposes and issue-related expenses.

Socradamus Capital Private Limited is the Book Running Lead Manager to the Offer, while MUFG Intime India Private Limited is the Registrar to the Offer.

Incorporated in 2023, Solitario Lab Grown Limited acquired the running business of M/s Solitario, the sole proprietorship concern of its Promoter, Ricky Hiro Vasandani, in November 2024.

According to the DRHP, the company operates an offline and online direct-to-consumer retail model. Its activities include design, product planning, sourcing, certification and customer experience, while diamond-growing, cutting and polishing, and jewellery fabrication are carried out through third-party contract manufacturers. The company states that its lab-grown diamonds are graded and certified by independent laboratories including the International Gemological Institute (IGI) and Solitaire Gemmological Laboratories (SGL).

The company's product range includes rings, earrings, bracelets, necklaces and pendants made in gold, vermeil, silver or stainless steel, along with customisation services for design, metal type and stone size.

The DRHP states that the company has entered into licensing arrangements with WarnerMedia India Private Limited (Warner Bros. Discovery) and UTV Software Communications Private Limited (Disney) to design and sell lab-grown diamond jewellery collections inspired by select entertainment characters and franchises.

According to the DRHP, as of the date of the DRHP, the company's retail network comprised 9 Company-owned (COCO) stores and 7 franchise-owned (FOCO/FOFO) stores under its Exclusive Brand Outlet format, 70 Shop-in-Shop counters operating through multi-brand outlets, and its online platform. The company also had a presence in select international markets including Spain, Malaysia and Dubai.

According to the DRHP, in FY26, the company had a physical presence across 45 cities in 4 countries, with international markets contributing 15.29% of Revenue from Operations.

For the period ended 31st March 2026, the company reported Revenue from Operations of ₹11,243.36 Lakhs, EBITDA of ₹1,692.82 Lakhs and PAT of ₹1,109.26 Lakhs.

"past performance does not guarantee future returns".

Disclaimer: The Securities and Exchange Board of India (SEBI) does not recommend the securities referred to in this document nor does SEBI guarantee the accuracy or adequacy of this document. Investors are advised to refer to the DRHP and other relevant offer documents before making any investment decision.

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