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 30.06.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 30.06.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 334.95 | 2,47,180.85 | 2,01,427.12 | 440.24 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 427.50 | 44,051.74 | 35,292.91 | 402.94 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 299.80 | 1,08,974.55 | 90,073.06 | 476.54 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 402.50 | 28,277.24 | 20,900.57 | 283.33 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 85.81 | 91,159.13 | 52,915.00 | 138.36 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 434.30 | 8,190.88 | -11,612.07 | -58.64 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 100.41 | 37,368.85 | 27,692.62 | 286.19 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 391.95 | 2,22,812.89 | 83,537.01 | 59.98 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 388.00 | 5,214.72 | 174.72 | 3.47 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 32.98 | 603.72 | -1,592.95 | -72.52 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 122.80 | 1,326.24 | 181.44 | 15.85 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 237.55 | 42,707.70 | 31,920.66 | 295.92 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 2,065.00 | 21,053.03 | 16,648.72 | 378.01 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 385.00 | 28,971.25 | -39,656.75 | -57.79 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 192.45 | 13,548.48 | -42,771.51 | -75.94 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,944.60 | 31,274.87 | 24,391.38 | 354.35 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,872.35 | 1,46,587.17 | 1,10,103.15 | 301.78 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 435.45 | 6,036.71 | 4,789.03 | 383.83 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 280.00 | 4,894.40 | 1,660.60 | 51.35 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 202.90 | 1,701.49 | -2,281.78 | -57.28 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 3,015.95 | 25,738.49 | 24,731.46 | 2455.89 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 548.40 | 2,499.65 | 1,952.68 | 357 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 397.75 | 72,850.41 | 69,370.44 | 1993.42 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 781.30 | 10,925.70 | 6,450.82 | 144.16 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 3,244.00 | 55,501.91 | 53,021.09 | 2137.24 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 141.75 | 1,59,985.24 | 1,30,640.50 | 445.19 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 428.30 | 10,013.01 | 7,815.43 | 355.64 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 972.95 | 5,93,851.98 | 14,618.18 | 2.52 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 170.10 | 34,289.16 | 27,838.52 | 431.56 |
| TOTAL | 11,17,359.42 | 20,57,591.46 | 9,40,232.05 | 84.15 |
(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. 9,40,232.05 crore or 84.15% in these 29 IPOs as on 30.06.2025