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

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.