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 24.01.2020 (Rs.) | VALUE OF GOVT. HOLDING AS ON 24.01.2020 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 114.75 | 84,681.30 | 38,927.57 | 85.08 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 116.55 | 12,009.89 | 3,251.06 | 37.12 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 196.95 | 71,589.52 | 52,688.03 | 278.75 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 141.45 | 9,937.43 | 2,560.76 | 34.71 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 27.45 | 29,161.15 | -9,082.98 | -23.75 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 142.20 | 2,681.89 | -17,121.06 | -86.46 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 25.85 | 9,620.40 | -55.83 | -0.58 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 193.95 | 1,10,255.29 | -29,020.60 | -20.84 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 154.45 | 2,075.81 | -2,964.19 | -58.81 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 19.95 | 365.20 | -1,831.47 | -83.37 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 37.45 | 404.46 | -740.34 | -64.67 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 42.85 | 7,703.75 | -3,083.29 | -28.58 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 396.85 | 4,045.95 | -358.36 | -8.14 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 265.95 | 20,012.74 | -48,615.26 | -70.84 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 166.00 | 11,686.40 | -44,633.59 | -79.25 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 303.40 | 4,879.56 | -2,003.93 | -29.11 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 853.45 | 25,676.49 | -10,807.53 | -29.62 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 168.05 | 2,329.70 | 1,082.02 | 86.72 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 316.25 | 5,528.05 | 2,294.25 | 70.95 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 434.80 | 3,646.16 | -337.11 | -8.46 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 206.30 | 1,760.59 | 753.56 | 74.83 |
| TOTAL | 4,89,150.02 | 4,20,051.73 | -69,098.29 | -14.13 |
(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. 69,098.29 crore or 14.13% in these 21 IPOs as on 24.01.2020