Vijay Singh
Mumbai (Maharashtra) [India], October 1: Solitario Lab Grown Limited, a Pune-based Direct-to-Consumer (D2C) lab-grown diamond jewellery brand retailing certified lab-grown diamond jewellery under the “Solitario” brand through exclusive brand outlets, shop-in-shop counters and its online platform in India and select international markets, has filed its Draft Red Herring Prospectus with the SME Platform of BSE Limited (BSE SME) in preparation for its Initial Public Offering.
The IPO will comprise 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 (Investor Selling Shareholder), aggregating 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.
The company’s objective is Funding of expenditure towards setting up of 20 new Exclusive Brand Outlets and addition of 75 new Shop-in-Shop (SIS) counters in India, covering fit-outs, lease security deposits and inventory for the new stores and SIS counters, for general corporate purposes and issue related expenses.
The Book Running Lead Manager to the Offer is Socradamus Capital Private Limited & MUFG Intime India Private Limited is Registrar to the Offer. Solitario Lab Grown Limited – D…
About Solitario Lab Grown Limited
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. The company operates a design-led, tech-enabled offline and online D2C retail model, managing design, product planning, sourcing, certification and customer experience in-house, while diamond-growing, cutting and polishing, and jewellery fabrication are carried out through a network of third-party contract manufacturers. All its lab-grown diamonds are graded and certified by independent global laboratories such as the International Gemological Institute (IGI) and Solitaire Gemmological Laboratories (SGL).
The company’s product range covers rings, earrings, bracelets, necklaces & pendants, crafted in gold, vermeil, silver or stainless steel, along with customisation services for design, metal type and stone size. It has also 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. Solitario Lab Grown Limited – D…
As on 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 counterss operating through multi-brand outlets, and its online platform, with a presence in select international markets including Spain, Malaysia and Dubai.
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 & PAT of ₹ 1,109.26 Lakhs. Solitario Lab Grown Limited – D…
