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 29.05.2020 (Rs.) | VALUE OF GOVT. HOLDING AS ON 29.05.2020 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 97.75 | 72,135.93 | 26,382.20 | 57.66 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 75.10 | 7,738.68 | -1,020.15 | -11.65 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 157.55 | 57,267.98 | 38,366.49 | 202.98 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 88.50 | 6,217.48 | -1,159.19 | -15.71 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 19.65 | 20,874.92 | -17,369.21 | -45.42 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 84.80 | 1,599.32 | -18,203.63 | -91.92 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 21.10 | 7,852.63 | -1,823.60 | -18.85 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 141.05 | 80,183.08 | -59,092.81 | -42.43 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 126.90 | 1,705.54 | -3,334.46 | -66.16 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 13.15 | 240.72 | -1,955.95 | -89.04 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 17.35 | 187.38 | -957.42 | -83.63 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 23.00 | 4,135.03 | -6,652.01 | -61.67 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 224.60 | 2,289.84 | -2,114.47 | -48.01 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 138.05 | 10,388.26 | -58,239.74 | -84.86 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 120.55 | 8,486.72 | -47,833.27 | -84.93 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 234.90 | 3,777.88 | -3,105.61 | -45.12 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 555.50 | 16,712.51 | -19,771.51 | -54.19 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 201.90 | 2,798.97 | 1,551.29 | 124.33 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 226.80 | 3,964.46 | 730.66 | 22.59 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 85.55 | 717.41 | -3,265.86 | -81.99 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 142.00 | 1,211.85 | 204.82 | 20.34 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 111.90 | 510.05 | -36.92 | -6.75 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 17.00 | 3,113.66 | -366.31 | -10.53 |
| TOTAL | 4,93,176.96 | 3,14,110.30 | -1,79,066.66 | -36.31 |
(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. 1,79,066.66 crore or 36.31% in these 23 IPOs as on 29.05.2020