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 30.05.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 30.05.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 334.25 | 2,46,664.28 | 2,00,910.55 | 439.11 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 405.80 | 41,815.66 | 33,056.83 | 377.41 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 289.90 | 1,05,375.99 | 86,474.50 | 457.5 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 403.00 | 28,312.36 | 20,935.69 | 283.81 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 87.37 | 92,816.37 | 54,572.24 | 142.69 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 426.55 | 8,044.71 | -11,758.24 | -59.38 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 96.34 | 35,854.15 | 26,177.92 | 270.54 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 397.25 | 2,25,825.79 | 86,549.90 | 62.14 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 377.10 | 5,068.22 | 28.22 | 0.56 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 31.99 | 585.60 | -1,611.07 | -73.34 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 123.37 | 1,332.40 | 187.60 | 16.39 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 241.25 | 43,372.90 | 32,585.86 | 302.08 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,948.60 | 19,866.31 | 15,462.00 | 351.07 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 411.35 | 30,954.09 | -37,673.91 | -54.9 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 186.20 | 13,108.48 | -43,211.51 | -76.72 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 2,015.60 | 32,416.75 | 25,533.26 | 370.93 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,973.65 | 1,49,634.84 | 1,13,150.82 | 310.14 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 423.30 | 5,868.28 | 4,620.60 | 370.33 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 277.45 | 4,849.83 | 1,616.03 | 49.97 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 190.80 | 1,600.02 | -2,383.25 | -59.83 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 3,006.35 | 25,656.56 | 24,649.53 | 2447.75 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 554.40 | 2,527.00 | 1,980.03 | 362 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 405.30 | 74,233.24 | 70,753.27 | 2033.16 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 755.85 | 10,569.81 | 6,094.93 | 136.2 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 3,480.10 | 59,541.37 | 57,060.55 | 2300.07 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 138.90 | 1,56,768.61 | 1,27,423.87 | 434.23 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 398.50 | 9,316.33 | 7,118.75 | 323.94 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 953.55 | 5,82,010.95 | 2,777.15 | 0.48 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 174.70 | 35,216.44 | 28,765.80 | 445.94 |
| TOTAL | 11,17,359.42 | 20,49,207.34 | 9,31,847.92 | 83.40 |
(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. 9,31,847.92 crore or 83.40% in these 29 IPOs as on 30.05.2025