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 10.07.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 10.07.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 344.50 | 2,54,228.41 | 2,08,474.68 | 455.65 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 406.50 | 41,887.79 | 33,128.96 | 378.23 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 283.20 | 1,02,940.60 | 84,039.11 | 444.62 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 351.90 | 24,722.38 | 17,345.71 | 235.14 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 79.85 | 84,827.60 | 46,583.47 | 121.81 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 425.00 | 8,015.48 | -11,787.47 | -59.52 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 70.89 | 26,382.61 | 16,706.38 | 172.65 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 429.45 | 2,44,130.62 | 1,04,854.73 | 75.29 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 273.95 | 3,681.89 | -1,358.11 | -26.95 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 24.98 | 457.27 | -1,739.40 | -79.18 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 99.95 | 1,079.46 | -65.34 | -5.71 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 207.05 | 37,224.29 | 26,437.25 | 245.08 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,418.00 | 14,456.75 | 10,052.44 | 228.24 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 364.95 | 27,462.49 | -41,165.51 | -59.98 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 184.05 | 12,957.12 | -43,362.87 | -76.99 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,344.85 | 21,629.13 | 14,745.64 | 214.22 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,506.55 | 1,35,581.89 | 99,097.87 | 271.62 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 416.05 | 5,767.77 | 4,520.09 | 362.28 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 226.40 | 3,957.47 | 723.67 | 22.38 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 131.30 | 1,101.06 | -2,882.21 | -72.36 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,661.95 | 22,717.41 | 21,710.38 | 2155.89 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 670.25 | 3,055.05 | 2,508.08 | 458.54 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 232.80 | 42,638.78 | 39,158.81 | 1125.26 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 503.40 | 7,039.55 | 2,564.67 | 57.31 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,420.10 | 41,405.73 | 38,924.91 | 1569.03 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 89.88 | 1,01,442.50 | 72,097.76 | 245.69 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 307.70 | 7,193.57 | 4,995.99 | 227.34 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 442.85 | 2,70,298.93 | -3,08,934.87 | -53.34 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 126.40 | 25,480.01 | 19,029.37 | 295 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 94.09 | 79,288.00 | -7,503.20 | -8.65 |
| TOTAL | 12,04,150.62 | 16,53,051.61 | 4,48,900.99 | 37.28 |
(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. 4,48,900.99 crore or 37.28% in these 30 IPOs as on 10.07.2026