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 08.10.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 08.10.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 333.60 | 2,46,184.60 | 2,00,430.87 | 438.06 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 400.05 | 41,223.15 | 32,464.32 | 370.65 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 285.50 | 1,03,776.63 | 84,875.14 | 449.04 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 372.65 | 26,180.15 | 18,803.48 | 254.9 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 85.37 | 90,691.70 | 52,447.57 | 137.14 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 416.50 | 7,855.17 | -11,947.78 | -60.33 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 89.90 | 33,457.42 | 23,781.19 | 245.77 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 382.20 | 2,17,270.28 | 77,994.39 | 56 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 371.20 | 4,988.93 | -51.07 | -1.01 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 29.37 | 537.64 | -1,659.03 | -75.52 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 111.00 | 1,198.80 | 54.00 | 4.72 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 225.65 | 40,568.27 | 29,781.23 | 276.08 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,798.40 | 18,334.99 | 13,930.68 | 316.3 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 373.70 | 28,120.92 | -40,507.08 | -59.02 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 189.80 | 13,361.92 | -42,958.07 | -76.27 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,495.25 | 24,048.00 | 17,164.51 | 249.36 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,786.85 | 1,44,014.86 | 1,07,530.84 | 294.73 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 382.55 | 5,303.35 | 4,055.67 | 325.06 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 253.65 | 4,433.80 | 1,200.00 | 37.11 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 179.05 | 1,501.48 | -2,481.79 | -62.31 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,683.75 | 22,903.46 | 21,896.43 | 2174.36 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 531.30 | 2,421.71 | 1,874.74 | 342.75 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 346.60 | 63,481.97 | 60,002.00 | 1724.21 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 702.70 | 9,826.56 | 5,351.68 | 119.59 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,815.05 | 48,162.97 | 45,682.15 | 1841.41 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 124.20 | 1,40,177.55 | 1,10,832.81 | 377.69 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 390.90 | 9,138.66 | 6,941.08 | 315.85 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 894.10 | 5,45,724.91 | -33,508.89 | -5.79 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 148.60 | 29,955.14 | 23,504.50 | 364.38 |
| TOTAL | 11,17,359.42 | 19,24,844.99 | 8,07,485.57 | 72.27 |
(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. 8,07,485.57 crore or 72.27% in these 29 IPOs as on 08.10.2025