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 28.04.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 28.04.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 406.55 | 3,00,019.04 | 2,54,265.31 | 555.73 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 480.90 | 49,554.34 | 40,795.51 | 465.76 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 318.95 | 1,15,935.40 | 97,033.91 | 513.37 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 375.65 | 26,390.92 | 19,014.25 | 257.76 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 85.33 | 90,649.21 | 52,405.08 | 137.03 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 497.45 | 9,381.89 | -10,421.06 | -52.62 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 81.74 | 30,420.58 | 20,744.35 | 214.38 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 466.95 | 2,65,448.34 | 1,26,172.46 | 90.59 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 331.85 | 4,460.06 | -579.94 | -11.51 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 25.09 | 459.29 | -1,737.38 | -79.09 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 94.61 | 1,021.79 | -123.01 | -10.75 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 215.00 | 38,653.57 | 27,866.53 | 258.33 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,695.10 | 17,281.83 | 12,877.52 | 292.38 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 399.70 | 30,077.42 | -38,550.58 | -56.17 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 163.55 | 11,513.92 | -44,806.07 | -79.56 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,397.65 | 22,478.31 | 15,594.82 | 226.55 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,341.95 | 1,30,629.81 | 94,145.79 | 258.05 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 392.40 | 5,439.90 | 4,192.22 | 336 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 222.35 | 3,886.68 | 652.88 | 20.19 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 154.05 | 1,291.84 | -2,691.43 | -67.57 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,875.30 | 24,538.17 | 23,531.14 | 2336.7 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 443.65 | 2,022.19 | 1,475.22 | 269.71 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 308.50 | 56,503.71 | 53,023.74 | 1523.68 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 543.80 | 7,604.50 | 3,129.62 | 69.94 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,683.15 | 45,906.28 | 43,425.46 | 1750.45 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 105.17 | 1,18,699.46 | 89,354.72 | 304.5 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 332.35 | 7,769.85 | 5,572.27 | 253.56 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 817.45 | 4,98,940.64 | -80,293.16 | -13.86 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 138.05 | 27,828.44 | 21,377.80 | 331.41 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 115.83 | 97,607.91 | 10,816.71 | 12.46 |
| TOTAL | 12,04,150.62 | 20,42,415.29 | 8,38,264.68 | 69.61 |
(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. 8,38,264.68 crore or 69.61% in these 30 IPOs as on 28.04.2026