Maharashtra State Electricity Distribution Co. (MSEDCL) has shortlisted six investment banks to advise on its proposed initial public offering (IPO), which is expected to raise between ₹5,000 crore and ₹10,000 crore.
The selected bankers are SBI Capital Markets, IIFL Capital Services, ICICI Securities, Motilal Oswal Investment Advisors, IDBI Capital Markets & Securities, and HDFC Bank. Reports suggest that more bankers may be added before the IPO process officially begins.
The proposed public issue is expected to include a combination of fresh equity shares and an offer for sale (OFS). MSEDCL's parent company, MSEB Holding Co., is likely to dilute around 10% of its stake through the offering.
Ahead of the IPO, the Maharashtra government has approved a restructuring plan under which it will take over nearly ₹33,000 crore of MSEDCL's liabilities. The move is aimed at strengthening the company's balance sheet and making it more attractive to investors.
Serving around 35 million electricity consumers across Maharashtra, MSEDCL is one of Asia's largest power distribution utilities. If the IPO proceeds as planned, it could become one of India's first government-owned electricity distribution companies to list on the stock exchanges and would add to the growing pipeline of large public issues expected in 2026.
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