Smart Roof Solar Solutions Limited has filed its Draft Red Herring Prospectus on the BSE SME platform for a book-built offer for a fresh issue of 75,00,000 shares, with an offer size of ₹43 crore+. The transaction saw two distinct law firms appointed to advise the issuer and the Book Running Lead Manager respectively, making the Smart Roof Solar IPO legal advisors a notable feature of this SME capital markets deal. The DRHP was filed on 24 September 2026 and is currently under process on the BSE SME platform.
Introduction
Smart Roof Solar Solutions is a solar engineering, procurement and construction (EPC) and Battery Energy Storage System (BESS) solutions provider with over a decade of experience in the renewable energy sector, primarily providing EPC solutions for solar power projects and BESS solutions for energy storage applications.
The company primarily provides EPC solutions for the development and installation of solar power projects, with a scope of services that generally includes project assessment, engineering and design, procurement of solar modules and other components, construction, installation, testing and commissioning of solar power systems. The company primarily undertakes rooftop solar and ground-mounted solar projects, with a focus on commercial and industrial customers.
The transaction is structured as a book-built offer for a fresh issue of 75,00,000 equity shares on the BSE SME platform. The offer does not include an Offer for Sale component. Further details on the utilisation of proceeds were not disclosed in the sources reviewed.
Deal Value
The offer size has been disclosed as ₹43 crore+, as stated in the Draft Red Herring Prospectus filed on the BSE SME platform. A precise final offer price and total issue size will be determined at a subsequent stage of the IPO process.
Legal Teams Involved
MV Kini — Counsel to the Issuer
MV Kini advised Smart Roof Solar Solutions on this IPO, according to the DRHP. The names and designations of the MV Kini transaction team were not disclosed in the DRHP or in publicly available sources reviewed. Further details were not disclosed.
Legacy Law Offices — Counsel to the Book Running Lead Manager
Legacy Law Offices advised the Book Running Lead Manager, Valmiki Leela Capital Private Limited, on this IPO.
The transaction team comprised:
- Surbhi Narang — Partner
- Priya Kataria — Associate Partner
- Naman Anand — Counsel
- Yash Dogra — Senior Associate
- Anushka Indurkar — Associate
- Priyanshu Raghav — Associate
- Samiksha Gawali — Associate
Significance and Impact
This transaction is significant for several reasons. First, it represents a clean fresh-issue structure with no Offer for Sale, meaning all proceeds will flow directly to the company rather than to promoter shareholders — a structure that signals growth-oriented capital deployment intent.
Second, the renewable energy sector context adds weight to this filing. Smart Roof Solar Solutions is a solar EPC company with over a decade of experience in the solar power sector, and its BSE SME listing would provide it access to public capital at a time when demand for rooftop and ground-mounted solar installations across commercial and industrial segments is accelerating in India.
Third, the appointment of two specialist law firms — one on each side of the transaction — reflects the growing sophistication of SME IPO deal structures in India, where issuers and their bankers are increasingly seeking independent, dedicated legal counsel. Valmiki Leela Capital Private Limited, the Book Running Lead Manager, has recently completed its maiden mainboard IPO mandate and is reported to be working on an IPO pipeline worth approximately ₹3,000 crore over the next 12 to 18 months, underscoring its active presence in the primary markets space.
The involvement of Legacy Law Offices across multiple solar and renewable energy SME IPO mandates further signals the firm’s growing focus on the clean energy capital markets segment. The deal is tracked in detail in our Deal Meter.
The Smart Roof Solar Solutions BSE SME IPO — with MV Kini advising the issuer and Legacy Law Offices advising Book Running Lead Manager Valmiki Leela Capital Private Limited — is a notable addition to India’s growing pipeline of renewable energy SME public offerings. The DRHP was filed on 29 September 2026 on the BSE SME platform. The transaction illustrates the increasing appetite for structured, legally well-advised capital raises in the solar EPC space.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
