Bihar picks PNB arm to kick-start IPO of state power transmission utility

The Bihar government has appointed Punjab National Bank's investment advisory arm, PNB Investment Services Ltd, to steer the pre-IPO process for Bihar State Power Transmission Co. Ltd (BSPTCL), in what could become India's first public listing of a state-owned power transmission utility. The share sale is expected to raise at least ₹1,000 crore at a valuation above ₹10,000 crore, structured as a mix of fresh issue and offer for sale by the state government. BSPTCL reported a nearly sixfold jump in FY25 net profit to ₹286 crore on revenue of ₹1,785 crore, and has a ₹16,194 crore expansion plan to strengthen intra-state transmission infrastructure.