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 18.03.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 18.03.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 378.50 | 2,79,319.16 | 2,33,565.43 | 510.48 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 431.95 | 44,510.29 | 35,751.46 | 408.18 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 298.75 | 1,08,592.89 | 89,691.40 | 474.52 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 348.25 | 24,465.96 | 17,089.29 | 231.67 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 77.34 | 82,161.13 | 43,917.00 | 114.83 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 470.05 | 8,865.12 | -10,937.83 | -55.23 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 70.43 | 26,211.42 | 16,535.19 | 170.88 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 454.95 | 2,58,626.67 | 1,19,350.79 | 85.69 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 293.15 | 3,939.94 | -1,100.06 | -21.83 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 23.55 | 431.10 | -1,765.57 | -80.37 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 88.43 | 955.04 | -189.76 | -16.58 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 178.65 | 32,118.42 | 21,331.38 | 197.75 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,412.00 | 14,395.58 | 9,991.27 | 226.85 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 371.05 | 27,921.51 | -40,706.49 | -59.31 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 134.35 | 9,458.24 | -46,861.75 | -83.21 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,319.95 | 21,228.66 | 14,345.17 | 208.4 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 3,960.95 | 1,19,167.23 | 82,683.21 | 226.63 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 321.80 | 4,461.16 | 3,213.48 | 257.56 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 197.25 | 3,447.93 | 214.13 | 6.62 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 129.70 | 1,087.64 | -2,895.63 | -72.69 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,392.60 | 20,418.75 | 19,411.72 | 1927.63 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 425.75 | 1,940.60 | 1,393.63 | 254.79 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 275.05 | 50,377.14 | 46,897.17 | 1347.63 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 540.20 | 7,554.16 | 3,079.28 | 68.81 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,456.40 | 42,026.79 | 39,545.97 | 1594.07 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 98.25 | 1,10,889.24 | 81,544.50 | 277.88 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 282.10 | 6,595.08 | 4,397.50 | 200.11 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 785.85 | 4,79,653.20 | -99,580.60 | -17.19 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 117.95 | 23,776.64 | 17,326.00 | 268.59 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 97.87 | 82,473.34 | -4,317.86 | -4.97 |
| TOTAL | 12,04,150.62 | 18,97,070.03 | 6,92,919.42 | 57.54 |
(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. 6,92,919.42 crore or 57.54% in these 30 IPOs as on 18.03.2026