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 02.11.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 02.11.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 323.50 | 2,38,731.17 | 1,92,977.44 | 421.77 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 317.60 | 32,727.09 | 23,968.26 | 273.65 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 265.95 | 96,670.39 | 77,768.90 | 411.44 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 286.40 | 20,120.75 | 12,744.08 | 172.76 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 78.80 | 83,712.15 | 45,468.02 | 118.89 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 462.80 | 8,728.39 | -11,074.56 | -55.92 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 56.51 | 21,030.91 | 11,354.68 | 117.35 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 407.40 | 2,31,595.79 | 92,319.90 | 66.29 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 222.05 | 2,984.35 | -2,055.65 | -40.79 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 19.03 | 348.36 | -1,848.31 | -84.14 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 76.25 | 823.50 | -321.30 | -28.07 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 146.20 | 26,284.43 | 15,497.39 | 143.67 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,162.25 | 11,849.34 | 7,445.03 | 169.04 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 316.90 | 23,846.72 | -44,781.28 | -65.25 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 154.70 | 10,890.88 | -45,429.11 | -80.66 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 998.00 | 16,050.76 | 9,167.27 | 133.18 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,846.10 | 1,45,797.43 | 1,09,313.41 | 299.62 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 373.00 | 5,170.96 | 3,923.28 | 314.44 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 191.50 | 3,347.42 | 113.62 | 3.51 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 101.37 | 850.07 | -3,133.20 | -78.66 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,046.95 | 17,468.93 | 16,461.90 | 1634.7 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 547.40 | 2,495.09 | 1,948.12 | 356.17 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 186.50 | 34,158.65 | 30,678.68 | 881.58 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 447.50 | 6,257.84 | 1,782.96 | 39.84 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 1,741.00 | 29,786.94 | 27,306.12 | 1100.69 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 75.75 | 85,494.76 | 56,150.02 | 191.35 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 232.50 | 5,435.50 | 3,237.92 | 147.34 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 388.30 | 2,37,003.67 | -3,42,230.13 | -59.08 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 102.19 | 20,599.70 | 14,149.06 | 219.34 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 83.43 | 70,305.00 | -16,486.20 | -19 |
| TOTAL | 12,04,150.62 | 14,90,566.94 | 2,86,416.32 | 23.79 |
(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. 2,86,416.32 crore or 23.79% in these 30 IPOs as on 02.11.2026