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Electricity distributor MSEDCL appoints bankers for Rs.10,000-Cr IPO

Economic Times   Maharashtra State Electricity Distribution Co  

Mumbai-headquartered Maharashtra State Electricity Distribution Co (MSEDCL) has appointed eight investment bankers to manage its proposed initial public offering (IPO): SBI Capital Markets, Axis Capital, IDBI Capital Markets & Securities, ICICI Securities, HDFC Bank, IIFL Capital Services, DAM Capital, and Motilal Oswal Investment Advisors.The transaction, which is expected to raise between INR 8,000-Cr and INR 10,000-Cr, marks the first-ever IPO by the Maharashtra government and a state-run distribution company (discom). The offering involves the listing of Mahavitaran, the brand under which MSEDCL provides electricity to the majority of consumers. While the utility serves a vast consumer base, its balance sheet currently reflects significant debt.The appointment of the advisory team follows plans by the state government to proceed with this public offering.

For FY25, Maharashtra State Electricity Distribution Company had reported about INR 1,21,707 Cr in Operating Income and about INR 922 Cr in PAT.