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 28.11.2023 (Rs.) | VALUE OF GOVT. HOLDING AS ON 28.11.2023 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 257.60 | 1,90,099.38 | 1,44,345.65 | 315.48 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 320.60 | 33,036.23 | 24,277.40 | 277.18 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 210.15 | 76,387.60 | 57,486.11 | 304.14 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 339.20 | 23,830.16 | 16,453.49 | 223.05 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 53.93 | 57,291.83 | 19,047.70 | 49.81 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 299.10 | 5,641.01 | -14,161.94 | -71.51 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 84.37 | 31,399.36 | 21,723.13 | 224.5 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 341.95 | 1,94,389.25 | 55,113.36 | 39.57 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 299.45 | 4,024.61 | -1,015.39 | -20.15 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 41.13 | 752.91 | -1,443.76 | -65.72 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 67.99 | 734.29 | -410.51 | -35.86 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 81.57 | 14,664.99 | 3,877.95 | 35.95 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,132.60 | 11,547.05 | 7,142.74 | 162.18 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 311.55 | 23,444.14 | -45,183.86 | -65.84 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 226.00 | 15,910.40 | -40,409.59 | -71.75 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,169.05 | 18,801.75 | 11,918.26 | 173.14 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 2,287.35 | 68,816.11 | 32,332.09 | 88.62 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 372.65 | 5,166.11 | 3,918.43 | 314.06 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 465.10 | 8,129.95 | 4,896.15 | 151.41 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 168.10 | 1,409.66 | -2,573.61 | -64.61 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 829.05 | 7,075.22 | 6,068.19 | 602.59 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 426.05 | 1,941.97 | 1,395.00 | 255.04 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 166.10 | 30,422.26 | 26,942.29 | 774.21 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 696.55 | 9,740.56 | 5,265.68 | 117.67 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,016.65 | 34,503.06 | 32,022.24 | 1290.79 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 75.61 | 85,336.75 | 55,992.01 | 190.81 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 291.25 | 6,808.99 | 4,611.41 | 209.84 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 673.65 | 4,11,170.55 | -1,68,063.25 | -29.01 |
| TOTAL | 11,10,908.78 | 13,72,476.15 | 2,61,567.37 | 23.55 |
(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. 2,61,567.37 crore or 23.55% in these 28 IPOs as on 28.11.2023