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 13.03.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 13.03.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 331.70 | 2,44,782.47 | 1,99,028.74 | 435 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 388.45 | 40,027.83 | 31,269.00 | 357 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 267.60 | 97,270.15 | 78,368.66 | 414.62 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 406.65 | 28,568.79 | 21,192.12 | 287.29 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 77.55 | 82,384.22 | 44,140.09 | 115.42 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 375.65 | 7,084.74 | -12,718.21 | -64.22 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 85.44 | 31,797.58 | 22,121.35 | 228.62 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 378.30 | 2,15,053.24 | 75,777.35 | 54.41 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 314.40 | 4,225.54 | -814.46 | -16.16 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 39.14 | 716.48 | -1,480.19 | -67.38 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 77.85 | 840.78 | -304.02 | -26.56 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 180.70 | 32,486.98 | 21,699.94 | 201.17 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,290.60 | 13,157.89 | 8,753.58 | 198.75 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 383.30 | 28,843.33 | -39,784.67 | -57.97 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 144.00 | 10,137.60 | -46,182.39 | -82 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,108.10 | 17,821.49 | 10,938.00 | 158.9 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 3,394.85 | 1,02,135.82 | 65,651.80 | 179.95 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 270.00 | 3,743.05 | 2,495.37 | 200 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 209.40 | 3,660.31 | 426.51 | 13.19 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 140.40 | 1,177.37 | -2,805.90 | -70.44 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 1,303.25 | 11,122.10 | 10,115.07 | 1004.45 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 459.70 | 2,095.35 | 1,548.38 | 283.08 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 329.20 | 60,295.05 | 56,815.08 | 1632.63 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 689.25 | 9,638.47 | 5,163.59 | 115.39 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,315.00 | 39,607.56 | 37,126.74 | 1496.55 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 117.70 | 1,32,841.36 | 1,03,496.62 | 352.69 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 283.00 | 6,616.12 | 4,418.54 | 201.06 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 739.80 | 4,51,546.01 | -1,27,687.79 | -22.04 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 139.85 | 28,191.29 | 21,740.65 | 337.03 |
| TOTAL | 11,17,359.42 | 17,07,868.97 | 5,90,509.55 | 52.85 |
(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. 5,90,509.55 crore or 52.85% in these 29 IPOs as on 13.03.2025