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.
