Maharashtra State Electricity Transmission Co. has selected six investment banks for a planned initial public offering that could raise as much as $800 million, according to people familiar with the matter.
The power transmission utility, known as MSETCL, has selected SBI Capital Markets Ltd., Axis Capital Ltd., Motilal Oswal Investment Advisors Ltd., Avendus Capital Pvt., IIFL Capital Services Ltd., and HDFC Bank Ltd. as advisers for the proposed share sale, the people said, asking not to be identified because the information is private.
The IPO is expected to largely comprise an offer-for-sale by the Maharashtra government-owned holding company, along with a smaller issuance of new shares by the company, the people said.
Deliberations are ongoing, and details including the size, valuation and line-up of advisers could change, the people said. Representatives for MSETCL and the banks didn’t immediately respond to requests for comment.
India’s IPO market has regained momentum after a subdued first half of 2026. Companies have raised about $14 billion through first-time share sales so far this year, compared with a record of roughly $22 billion in all of 2025. National Stock Exchange of India Ltd. recently completed a $2.4-billion offering, while Jio Platforms Ltd. is preparing for what could be India’s largest-ever IPO this month.
An MSETCL listing would add to Maharashtra’s push to tap the equity markets for its state-owned power utilities. Maharashtra State Electricity Distribution Co., the state’s electricity distribution company, has also shortlisted investment banks for a potential IPO that could raise between $500 million and $1 billion, people familiar with the matter have said.
MSETCL is responsible for transmitting electricity from generation points to distribution networks across the state of more than 128 million people including its capital, Mumbai.
The company owns and operates most of the state’s electricity transmission system, with 51,518 circuit km (32,000 circuit miles) of transmission lines and 742 extra-high-voltage substations, according to its website. MSETCL describes itself as India’s largest state transmission utility.
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