A study by Delhi-based PRIME Database has shown that the Government has made huge gains in some of the recent PSU IPOs.
| COMPANY | IPO MONTH | POST IPO GOVT. HOLDING (%) | POST IPO GOVT. HOLDING (No. of Shares in crores) | OFFER PRICE (Rs.) | VALUE OF GOVT. HOLDING ON ISSUE DATE (Rs. crore) | MARKET PRICE AS ON 24.03.2023 (Rs.) | VALUE OF GOVT. HOLDING AS ON 24.03.2023 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 172.70 | 1,27,446.29 | 81,692.56 | 178.55 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 147.95 | 15,245.51 | 6,486.68 | 74.06 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 222.45 | 80,858.54 | 61,957.05 | 327.79 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 115.20 | 8,093.26 | 716.59 | 9.71 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 39.67 | 42,142.90 | 3,898.77 | 10.19 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 250.75 | 4,729.13 | -15,073.82 | -76.12 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 30.57 | 11,377.01 | 1,700.78 | 17.58 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 208.55 | 1,18,554.99 | -20,720.90 | -14.88 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 148.30 | 1,993.15 | -3,046.85 | -60.45 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 24.51 | 448.67 | -1,748.00 | -79.57 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 32.80 | 354.24 | -790.56 | -69.06 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 42.70 | 7,676.78 | -3,110.26 | -28.83 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 432.55 | 4,409.92 | 5.61 | 0.13 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 134.35 | 10,109.84 | -58,518.16 | -85.27 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 100.25 | 7,057.60 | -49,262.39 | -87.47 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 895.95 | 14,409.50 | 7,526.01 | 109.33 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 2,569.50 | 77,304.74 | 40,820.72 | 111.89 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 179.45 | 2,487.74 | 1,240.06 | 99.39 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 348.00 | 6,083.04 | 2,849.24 | 88.11 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 53.19 | 446.04 | -3,537.23 | -88.8 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 411.15 | 3,508.81 | 2,501.78 | 248.43 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 254.85 | 1,161.63 | 614.66 | 112.38 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 64.72 | 11,853.87 | 8,373.90 | 240.63 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 600.25 | 8,393.90 | 3,919.02 | 87.58 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 638.55 | 10,925.01 | 8,444.19 | 340.38 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 26.54 | 29,954.20 | 609.46 | 2.08 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 99.35 | 2,322.65 | 125.07 | 5.69 |
| TOTAL | 5,31,674.98 | 6,09,348.96 | 77,673.98 | 14.61 |
(Only PSU IPOs since 2004 onwards, with a listing period of over 1 year have been considered in the study)
As can be seen, the Government has made a notional gain of over Rs. 77,673.98 crore or 14.61% in these 27 IPOs as on 24.03.2023