MSEDCL appoints 8 bankers for Rs 10,000 crore IPO

By

, ET BureauLast Updated: Jul 23, 2026, 06:05:00 AM IST

Synopsis

Maharashtra State Electricity Distribution Co has appointed eight investment bankers for its proposed initial public offering. This significant issue could potentially raise between eight thousand and ten thousand crore rupees. The offering will mark the first-ever IPO by the Maharashtra government and a state-run discom. Mahavitaran, the brand under which MSEDCL operates, will be listed. The utility provides power to most consumers in India's largest subnational economy.

Mumbai: Maharashtra State Electricity Distribution Co (MSEDCL) has appointed eight investment bankers for its proposed initial public offering, which could raise ₹8,000-10,000 crore, people familiar with the development told ET. The issue will mark the first-ever IPO by the Maharashtra government -and a purely state-run discom in India.

Eight investment bankers -SBI Capital Markets, Axis Capital, IDBI Capital Markets & Securities, ICICI Securities, HDFC Bank, IIFL Capital Services, DAM Capital and Motilal Oswal Investment Advisors-have been appointed to manage the offering, according to the people familiar with the matter. An email sent to MSEDCL did not elicit any response. Individual bankers did not respond to ET's request for a comment.

Read more: Can Indo-MIM IPO deliver long-term growth for high risk investors?

The listing will be of Mahavitaran, the brand under which MSEDCL operates. Mahavitaran provides power to the bulk of the consumers in India's biggest subnational economy, barring the city of Mumbai. The utility, however, carries significant debt on its balance sheet.

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