Solitario Lab Grown Limited has filed its Draft Red Herring Prospectus (DRHP) with the SME platform of BSE Limited for an initial public offering (IPO) comprising a fresh issue of up to 65 lakh equity shares and an offer for sale of up to 5.42 lakh shares by investor selling shareholder Yashodhara Consultive LLP. The proposed offer totals up to 70.42 lakh equity shares with a face value of Rs 10 each.

According to the DRHP, proceeds from the fresh issue will primarily fund the expansion of the company’s retail network through 20 new exclusive brand outlets and 75 additional shop-in-shop counters in India. The funds will cover store fit-outs, lease security deposits and inventory, alongside general corporate purposes and issue-related expenses.

Operating under the Solitario brand, the company follows a direct-to-consumer model through physical stores, shop-in-shop counters and its online platform. Its product portfolio includes lab-grown diamond jewellery such as rings, earrings, bracelets, necklaces and pendants, crafted in gold, vermeil, silver and stainless steel. The company uses third-party manufacturers for diamond growing, cutting, polishing and jewellery fabrication.

As of the DRHP date, Solitario’s retail network comprised nine company-owned stores, seven franchise-operated stores and 70 shop-in-shop counters. The company had a physical presence across 45 cities in four countries during FY26, with international markets contributing 15.29% of revenue from operations.

For FY26, Solitario reported revenue from operations of Rs 112.43 crore, EBITDA of Rs 16.93 crore and profit after tax of Rs 11.09 crore.

The company has also entered into licensing arrangements with Warner Bros. Discovery and Disney to develop lab-grown diamond jewellery collections inspired by selected entertainment characters and franchises.

Socradamus Capital Private Limited is the book-running lead manager to the issue, while MUFG Intime India Private Limited is the registrar.