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 18.04.2024 (Rs.) | VALUE OF GOVT. HOLDING AS ON 18.04.2024 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 351.40 | 2,59,320.35 | 2,13,566.62 | 466.77 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 395.45 | 40,749.15 | 31,990.32 | 365.24 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 280.20 | 1,01,850.13 | 82,948.64 | 438.85 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 428.85 | 30,128.43 | 22,751.76 | 308.43 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 89.50 | 95,079.15 | 56,835.02 | 148.61 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 602.95 | 11,371.61 | -8,431.34 | -42.58 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 127.85 | 47,580.99 | 37,904.76 | 391.73 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 438.75 | 2,49,417.41 | 1,10,141.52 | 79.08 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 334.60 | 4,497.02 | -542.98 | -10.77 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 59.29 | 1,085.34 | -1,111.33 | -50.59 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 124.60 | 1,345.68 | 200.88 | 17.55 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 192.75 | 34,653.38 | 23,866.34 | 221.25 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,077.95 | 10,989.88 | 6,585.57 | 149.53 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 331.15 | 24,919.04 | -43,708.96 | -63.69 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 220.10 | 15,495.04 | -40,824.95 | -72.49 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,811.05 | 29,126.99 | 22,243.50 | 323.14 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 3,677.85 | 1,10,650.02 | 74,166.00 | 203.28 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 412.50 | 5,718.55 | 4,470.87 | 358.33 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 653.20 | 11,417.94 | 8,184.14 | 253.08 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 220.95 | 1,852.85 | -2,130.42 | -53.48 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 864.70 | 7,379.46 | 6,372.43 | 632.8 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 861.00 | 3,924.51 | 3,377.54 | 617.5 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 259.65 | 47,556.53 | 44,076.56 | 1266.58 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 992.75 | 13,882.62 | 9,407.74 | 210.23 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,158.75 | 36,934.27 | 34,453.45 | 1388.79 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 141.90 | 1,60,154.54 | 1,30,809.80 | 445.77 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 364.00 | 8,509.78 | 6,312.20 | 287.23 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 960.85 | 5,86,466.59 | 7,232.79 | 1.25 |
| TOTAL | 11,10,908.78 | 19,52,057.25 | 8,41,148.47 | 75.72 |
(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. 8,41,148.47 crore or 75.72% in these 28 IPOs as on 18.04.2024