Northern Indiana Public Service Company Revenue, Valuation, Funding & Investors

Northern Indiana Public Service Company is valued at $14B as of June 2023, a 8.1x multiple on its last reported $1.8B revenue.

Last Northern Indiana Public Service Company valuation

$14B

Secondary · Jun 2023

Northern Indiana Public Service Company revenue

$1.8B

Secondary · Jun 2023

Key investors in Northern Indiana Public Service Company

Northern Indiana Public Service Company Overview

About Northern Indiana Public Service Company

Northern Indiana Public Service Company is a Merrillville-headquartered utility and the largest natural gas distributor and second-largest electric distributor in Indiana. It serves the northern third of the state as part of NiSource Inc., maintaining distribution networks across 32 counties for residential and commercial customers.


Founded

1912

HQ

United StatesGary, IN

Website

nipsco.com

Status

Privately held

Customer focus

B2C & B2B

Revenue model

Usage-based

Revenue

$1.8B (Jun 2023)

Valuation

$14B (Jun 2023)

Northern Indiana Public Service Company Valuation

Northern Indiana Public Service Company is currently valued at $14B, based on its secondary sale in June 2023.

The $2.1B round was led by Blackstone.

Northern Indiana Public Service Company valuation by funding round

Northern Indiana Public Service Company valuation by funding round
DateStageValuationRevenue Multiple
Jun 2023Secondary$14B8.1x

Northern Indiana Public Service Company Revenue

Northern Indiana Public Service Company's latest recorded revenue is $1.8B, as of its secondary sale in June 2023. At a $14B valuation, that implies a 8.1x revenue multiple.

Northern Indiana Public Service Company revenue by funding round

Northern Indiana Public Service Company revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jun 2023$1.8B$14B8.1xSecondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Northern Indiana Public Service Company Funding History

Northern Indiana Public Service Company has 1 recorded secondary share sale and no primary funding rounds.

Northern Indiana Public Service Company funding rounds

Northern Indiana Public Service Company funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2023SecondaryBlackstone (lead)$2.1B$14BNorthern Indiana Public Service Company (NIPSCO) is Indiana’s largest vertically integrated electric and gas distribution utility, serving approximately 1.3 million customers across northern Indiana. On June 20, 2023, NiSource Inc., NIPSCO's parent company, agreed to sell a 19.9% non-controlling equity interest in NIPSCO to an affiliate of Blackstone Infrastructure Partners for $2.15 billion, with an additional $250 million equity commitment from Blackstone to fund ongoing capital requirements. The transaction implies an equity value of $10.8 billion and an enterprise value of $14.3 billion for 100% of NIPSCO. The deal supports NIPSCO's energy transition strategy, including $3.5 billion in electric generation investments through 2030 and retirement of all coal-fired generation by 2028 to reduce emissions. NiSource plans $15 billion in capital expenditures for NIPSCO from 2023 to 2027, driving 8% to 10% annual rate base growth overall and 13% to 14% compounded annual growth for NIPSCO. The transaction closed by late 2023, with NiSource retaining an 80.1% stake and continuing to operate NIPSCO, while Blackstone provides minority rights aligned with its ownership.

Who has invested in Northern Indiana Public Service Company?

1 investor has backed Northern Indiana Public Service Company across its funding rounds, including Blackstone.

Lead investors include Blackstone.


Northern Indiana Public Service Company Investors

Investors in Northern Indiana Public Service Company by funding rounds participated
InvestorHQRoundsRoleFirst check

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Northern Indiana Public Service Company Competitors

Northern Indiana Public Service Company competitors include listed companies like Brookfield Infrastructure Partners, GAIL (India) and Power Grid Corporation of India, and private ones like GNDB, SSEN Transmission and 50Hertz.

Public and private companies comparable to Northern Indiana Public Service Company
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
GNDBSpainBarcelonaPrivate-$1B$16B-
Brookfield Infrastructure PartnersCanadaCanadaPublicly listed$23B$11B$17B5.6x
GAIL (India)IndiaIndiaPublicly listed$15B$1.5B$12B0.9x
Power Grid Corporation of IndiaIndiaIndiaPublicly listed$4.7B$4B$26B8.0x
SSEN TransmissionUnited KingdomInvernessPrivate--$7.7B-
50HertzGermanyGermanyPrivate--$6B-

Northern Indiana Public Service Company Public Comps

Northern Indiana Public Service Company is still privately-owned, but its public comps include Origin Energy, Chubu Electric Power, Huaneng Power, KEPCO, Hitachi Energy India, Talen Energy, Elia Group, United Utilities, Tokyo Gas and Osaka Gas.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Origin Energy$11B$1.7B1.6x1.6x10.1x7.5x
Chubu Electric Power$23B$3.1B1.4x1.4x10.3x12.6x
Huaneng Power$34B$8.6B2.4x2.4x9.3x9.9x
KEPCO$70B$21B0.2x0.2x0.6x0.7x
Hitachi Energy India$826M$125M17.2x13.9x113.8x85.8x
Talen Energy$2.6B$512M8.9x6.0x45.7x12.9x
Elia Group$5.1B$2B6.6x5.6x16.7x13.2x
United Utilities$3.5B$2.1B7.6x7.4x12.6x12.3x

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Common questions about Northern Indiana Public Service Company

When was Northern Indiana Public Service Company founded?Northern Indiana Public Service Company was founded in 1912.
Where is Northern Indiana Public Service Company headquartered?Northern Indiana Public Service Company is headquartered in Gary, IN, United States.
Is Northern Indiana Public Service Company publicly listed?No, Northern Indiana Public Service Company is a private, VC-backed company.
What is Northern Indiana Public Service Company's valuation?Northern Indiana Public Service Company was last valued at $14B in its secondary sale in June 2023.
Who are Northern Indiana Public Service Company's investors?Northern Indiana Public Service Company's investors include Blackstone.
What is Northern Indiana Public Service Company's revenue?Northern Indiana Public Service Company's latest recorded revenue is $1.8B (June 2023).
What is Northern Indiana Public Service Company's revenue multiple?Northern Indiana Public Service Company's latest valuation implies a 8.1x revenue multiple ($14B valuation on $1.8B of revenue).
Which companies are comparable to Northern Indiana Public Service Company?Companies comparable to Northern Indiana Public Service Company include GNDB, Brookfield Infrastructure Partners, GAIL (India), Power Grid Corporation of India, SSEN Transmission and 50Hertz.

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