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 05.12.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 05.12.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 323.40 | 2,38,657.38 | 1,92,903.65 | 421.61 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 352.70 | 36,343.97 | 27,585.14 | 314.94 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 269.75 | 98,051.65 | 79,150.16 | 418.75 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 353.30 | 24,820.74 | 17,444.07 | 236.48 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 77.10 | 81,906.17 | 43,662.04 | 114.17 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 411.65 | 7,763.70 | -12,039.25 | -60.8 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 74.05 | 27,558.64 | 17,882.41 | 184.81 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 380.10 | 2,16,076.49 | 76,800.60 | 55.14 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 326.45 | 4,387.49 | -652.51 | -12.95 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 28.23 | 516.77 | -1,679.90 | -76.47 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 112.15 | 1,211.22 | 66.42 | 5.8 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 225.15 | 40,478.38 | 29,691.34 | 275.25 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,644.00 | 16,760.86 | 12,356.55 | 280.56 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 382.05 | 28,749.26 | -39,878.74 | -58.11 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 159.40 | 11,221.76 | -45,098.23 | -80.07 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,511.00 | 24,301.31 | 17,417.82 | 253.04 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,444.65 | 1,33,719.60 | 97,235.58 | 266.52 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 311.85 | 4,323.23 | 3,075.55 | 246.5 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 229.60 | 4,013.41 | 779.61 | 24.11 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 151.50 | 1,270.46 | -2,712.81 | -68.11 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,470.50 | 21,083.55 | 20,076.52 | 1993.64 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 467.60 | 2,131.36 | 1,584.39 | 289.67 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 310.90 | 56,943.29 | 53,463.32 | 1536.32 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 674.40 | 9,430.81 | 4,955.93 | 110.75 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,616.00 | 44,757.40 | 42,276.58 | 1704.14 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 114.60 | 1,29,342.57 | 99,997.83 | 340.77 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 334.20 | 7,813.10 | 5,615.52 | 255.53 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 869.60 | 5,30,771.04 | -48,462.76 | -8.37 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 133.25 | 26,860.85 | 20,410.21 | 316.41 |
| TOTAL | 11,17,359.42 | 18,31,266.46 | 7,13,907.04 | 63.89 |
(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. 7,13,907.04 crore or 63.89% in these 29 IPOs as on 05.12.2025