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 20.12.2024 (Rs.) | VALUE OF GOVT. HOLDING AS ON 20.12.2024 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 333.30 | 2,45,963.21 | 2,00,209.48 | 437.58 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 453.25 | 46,705.15 | 37,946.32 | 433.24 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 315.75 | 1,14,772.23 | 95,870.74 | 507.21 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 513.85 | 36,100.02 | 28,723.35 | 389.38 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 81.38 | 86,452.97 | 48,208.84 | 126.06 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 421.20 | 7,943.81 | -11,859.14 | -59.89 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 111.50 | 41,496.14 | 31,819.91 | 328.85 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 382.75 | 2,17,582.94 | 78,307.05 | 56.22 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 336.30 | 4,519.87 | -520.13 | -10.32 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 48.74 | 892.21 | -1,304.46 | -59.38 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 94.44 | 1,019.95 | -124.85 | -10.91 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 242.15 | 43,534.71 | 32,747.67 | 303.58 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,494.90 | 15,240.76 | 10,836.45 | 246.04 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 502.75 | 37,831.94 | -30,796.06 | -44.87 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 214.15 | 15,076.16 | -41,243.83 | -73.23 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,239.80 | 19,939.62 | 13,056.13 | 189.67 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,189.75 | 1,26,050.80 | 89,566.78 | 245.5 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 345.25 | 4,786.26 | 3,538.58 | 283.61 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 280.60 | 4,904.89 | 1,671.09 | 51.68 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 218.20 | 1,829.79 | -2,153.48 | -54.06 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 1,572.05 | 13,416.07 | 12,409.04 | 1232.25 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 672.70 | 3,066.22 | 2,519.25 | 460.58 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 433.00 | 79,306.67 | 75,826.70 | 2178.95 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 784.25 | 10,966.95 | 6,492.07 | 145.08 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 4,725.55 | 80,849.90 | 78,369.08 | 3159 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 148.40 | 1,67,490.73 | 1,38,145.99 | 470.77 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 400.80 | 9,370.10 | 7,172.52 | 326.38 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 900.90 | 5,49,875.38 | -29,358.42 | -5.07 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 206.25 | 41,576.36 | 35,125.72 | 544.53 |
| TOTAL | 11,17,359.42 | 20,28,561.81 | 9,11,202.39 | 81.55 |
(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. 9,11,202.39 crore or 81.55% in these 29 IPOs as on 20.12.2024