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 17.01.2022 (Rs.) | VALUE OF GOVT. HOLDING AS ON 17.01.2022 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 136.75 | 1,00,916.50 | 55,162.77 | 120.56 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 126.95 | 13,081.56 | 4,322.73 | 49.35 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 206.20 | 74,951.81 | 56,050.32 | 296.54 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 139.75 | 9,818.00 | 2,441.33 | 33.1 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 31.45 | 33,410.49 | -4,833.64 | -12.64 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 224.65 | 4,236.89 | -15,566.06 | -78.6 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 31.40 | 11,685.91 | 2,009.68 | 20.77 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 163.60 | 93,002.14 | -46,273.75 | -33.22 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 171.30 | 2,302.27 | -2,737.73 | -54.32 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 16.80 | 307.53 | -1,889.14 | -86 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 52.55 | 567.54 | -577.26 | -50.42 |
| 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 | 348.20 | 3,549.96 | -854.35 | -19.4 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 141.35 | 10,636.59 | -57,991.41 | -84.5 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 140.95 | 9,922.88 | -46,397.11 | -82.38 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 442.15 | 7,111.07 | 227.58 | 3.31 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 1,395.00 | 41,969.30 | 5,485.28 | 15.03 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 187.55 | 2,600.04 | 1,352.36 | 108.39 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 275.00 | 4,807.00 | 1,573.20 | 48.65 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 47.65 | 399.59 | -3,583.68 | -89.97 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 248.95 | 2,124.57 | 1,117.54 | 110.97 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 371.05 | 1,691.28 | 1,144.31 | 209.21 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 38.40 | 7,033.20 | 3,553.23 | 102.11 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 896.70 | 12,539.45 | 8,064.57 | 180.22 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 277.20 | 4,742.64 | 2,261.82 | 91.17 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 24.05 | 27,143.88 | -2,200.86 | -7.5 |
| TOTAL | 5,29,477.40 | 4,88,228.87 | -41,248.53 | -7.79 |
(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. 41,248.53 crore or 7.79% in these 26 IPOs as on 17.01.2022