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 06.01.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 06.01.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 350.85 | 2,58,914.47 | 2,13,160.74 | 465.89 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 376.10 | 38,755.22 | 29,996.39 | 342.47 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 268.50 | 97,597.29 | 78,695.80 | 416.35 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 382.80 | 26,893.23 | 19,516.56 | 264.57 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 83.52 | 88,726.38 | 50,482.25 | 132 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 425.55 | 8,025.85 | -11,777.10 | -59.47 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 84.32 | 31,380.75 | 21,704.52 | 224.31 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 426.90 | 2,42,681.01 | 1,03,405.13 | 74.24 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 380.65 | 5,115.94 | 75.94 | 1.51 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 28.59 | 523.36 | -1,673.31 | -76.17 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 118.55 | 1,280.34 | 135.54 | 11.84 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 224.85 | 40,424.44 | 29,637.40 | 274.75 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,605.80 | 16,371.40 | 11,967.09 | 271.71 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 371.75 | 27,974.19 | -40,653.81 | -59.24 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 153.65 | 10,816.96 | -45,503.03 | -80.79 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,542.15 | 24,802.29 | 17,918.80 | 260.32 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,515.15 | 1,35,840.63 | 99,356.61 | 272.33 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 346.25 | 4,800.12 | 3,552.44 | 284.72 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 243.00 | 4,247.64 | 1,013.84 | 31.35 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 177.30 | 1,486.81 | -2,496.46 | -62.67 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,506.85 | 21,393.77 | 20,386.74 | 2024.45 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 518.35 | 2,362.68 | 1,815.71 | 331.96 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 358.70 | 65,698.16 | 62,218.19 | 1787.89 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 671.10 | 9,384.66 | 4,909.78 | 109.72 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,496.50 | 42,712.86 | 40,232.04 | 1621.72 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 127.20 | 1,43,563.48 | 1,14,218.74 | 389.23 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 370.35 | 8,658.23 | 6,460.65 | 293.99 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 850.00 | 5,18,807.94 | -60,425.86 | -10.43 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 143.50 | 28,927.07 | 22,476.43 | 348.44 |
| TOTAL | 11,17,359.42 | 19,08,167.17 | 7,90,807.76 | 70.77 |
(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. 7,90,807.76 crore or 70.77% in these 29 IPOs as on 06.01.2026