Maharashtra State Electricity Distribution Co has named eight investment banks to handle its planned initial public offering. The move paves the way for the first IPO by the Maharashtra government and any state-run power distributor in India.
The company, which operates as Mahavitaran, will seek to raise between Rs 8,000 crore and Rs 10,000 crore through the listing. The offering will bring the utility, which supplies electricity to most households and businesses across Maharashtra, to the public markets.
HDFC Bank, Axis Capital and IIFL Capital Services are among the bankers selected for the mandate. The appointment marks a key step toward the debut share sale.
The utility serves consumers in India’s largest state economy by size. Proceeds from the IPO are expected to support its operations and expansion plans.