Maharashtra State Electricity Transmission Co. (MSETCL) has selected six investment banks to manage its planned initial public offering, which could raise up to $800 million. The chosen advisers include SBI Capital Markets, Axis Capital, Motilal Oswal, Avendus Capital, IIFL Capital, and HDFC Bank. The IPO will primarily feature an offer for sale by the Maharashtra government-owned holding company, with a smaller portion of new shares issued by MSETCL.
Deliberations remain ongoing, and final details on valuation and size may shift. This move aligns with Maharashtra’s broader strategy to monetize state-owned power utilities through equity markets. India’s IPO market has rebounded in 2026, with over $14 billion raised so far, approaching the $22 billion record set in 2025.
MSETCL operates India’s largest state transmission network, spanning 51,518 circuit kilometers and 742 substations, serving over 128 million people across Maharashtra, including Mumbai.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing