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 28.11.2022 (Rs.) | VALUE OF GOVT. HOLDING AS ON 28.11.2022 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 170.30 | 1,25,675.17 | 79,921.44 | 174.68 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 134.40 | 13,849.25 | 5,090.42 | 58.12 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 221.45 | 80,495.05 | 61,593.56 | 325.87 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 110.30 | 7,749.02 | 372.35 | 5.05 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 43.65 | 46,371.00 | 8,126.87 | 21.25 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 202.70 | 3,822.91 | -15,980.04 | -80.7 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 39.85 | 14,830.68 | 5,154.45 | 53.27 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 229.90 | 1,30,691.88 | -8,584.01 | -6.16 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 160.95 | 2,163.17 | -2,876.83 | -57.08 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 21.30 | 389.91 | -1,806.76 | -82.25 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 41.10 | 443.88 | -700.92 | -61.23 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 49.80 | 8,953.25 | -1,833.79 | -17 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 655.20 | 6,679.88 | 2,275.57 | 51.67 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 146.15 | 10,997.79 | -57,630.21 | -83.97 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 101.30 | 7,131.52 | -49,188.47 | -87.34 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 955.60 | 15,368.85 | 8,485.36 | 123.27 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 2,762.15 | 83,100.71 | 46,616.69 | 127.77 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 251.55 | 3,487.28 | 2,239.60 | 179.5 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 387.45 | 6,772.63 | 3,538.83 | 109.43 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 61.60 | 516.57 | -3,466.70 | -87.03 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 496.15 | 4,234.21 | 3,227.18 | 320.47 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 338.80 | 1,544.28 | 997.31 | 182.33 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 80.15 | 14,679.98 | 11,200.01 | 321.84 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 726.25 | 10,155.88 | 5,681.00 | 126.95 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 881.30 | 15,078.25 | 12,597.43 | 507.79 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 33.55 | 37,866.00 | 8,521.26 | 29.04 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 143.85 | 3,363.00 | 1,165.42 | 53.03 |
| TOTAL | 5,31,674.98 | 6,56,412.00 | 1,24,737.02 | 23.46 |
(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. 1,24,737.02 crore or 23.46% in these 27 IPOs as on 28.11.2022