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 03.10.2023 (Rs.) | VALUE OF GOVT. HOLDING AS ON 03.10.2023 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 241.15 | 1,77,959.88 | 1,32,206.15 | 288.95 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 251.05 | 25,869.45 | 17,110.62 | 195.35 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 199.30 | 72,443.72 | 53,542.23 | 283.27 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 291.95 | 20,510.66 | 13,133.99 | 178.05 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 53.17 | 56,484.45 | 18,240.32 | 47.69 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 293.95 | 5,543.88 | -14,259.07 | -72 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 72.30 | 26,907.36 | 17,231.13 | 178.08 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 291.80 | 1,65,880.34 | 26,604.45 | 19.1 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 218.05 | 2,930.59 | -2,109.41 | -41.85 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 47.92 | 877.20 | -1,319.47 | -60.07 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 58.25 | 629.10 | -515.70 | -45.05 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 90.34 | 16,241.69 | 5,454.65 | 50.57 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,069.45 | 10,903.22 | 6,498.91 | 147.56 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 222.90 | 16,773.22 | -51,854.78 | -75.56 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 139.35 | 9,810.24 | -46,509.75 | -82.58 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,021.15 | 16,423.08 | 9,539.59 | 138.59 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 1,956.85 | 58,872.85 | 22,388.83 | 61.37 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 413.20 | 5,728.26 | 4,480.58 | 359.11 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 490.10 | 8,566.95 | 5,333.15 | 164.92 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 146.20 | 1,226.01 | -2,757.26 | -69.22 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 829.95 | 7,082.90 | 6,075.87 | 603.35 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 438.10 | 1,996.89 | 1,449.92 | 265.08 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 172.35 | 31,566.99 | 28,087.02 | 807.11 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 703.40 | 9,836.35 | 5,361.47 | 119.81 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,187.55 | 37,427.01 | 34,946.19 | 1408.66 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 76.59 | 86,442.82 | 57,098.08 | 194.58 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 221.40 | 5,176.00 | 2,978.42 | 135.53 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 645.45 | 3,93,958.33 | -1,85,275.47 | -31.99 |
| TOTAL | 11,10,908.78 | 12,74,069.44 | 1,63,160.66 | 14.69 |
(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. 1,63,160.66 crore or 14.69% in these 28 IPOs as on 03.10.2023