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 21.01.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 21.01.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 324.25 | 2,39,284.65 | 1,93,530.92 | 422.98 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 427.00 | 44,000.21 | 35,241.38 | 402.35 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 302.30 | 1,09,883.28 | 90,981.79 | 481.35 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 476.70 | 33,490.08 | 26,113.41 | 354 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 79.04 | 83,967.11 | 45,722.98 | 119.56 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 474.35 | 8,946.22 | -10,856.73 | -54.82 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 98.90 | 36,806.89 | 27,130.66 | 280.38 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 381.50 | 2,16,872.35 | 77,596.46 | 55.71 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 341.25 | 4,586.40 | -453.60 | -9 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 48.49 | 887.64 | -1,309.03 | -59.59 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 95.10 | 1,027.08 | -117.72 | -10.28 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 229.35 | 41,233.47 | 30,446.43 | 282.25 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,508.90 | 15,383.49 | 10,979.18 | 249.28 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 434.55 | 32,699.89 | -35,928.11 | -52.35 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 190.55 | 13,414.72 | -42,905.27 | -76.18 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,279.05 | 20,570.87 | 13,687.38 | 198.84 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,051.85 | 1,21,902.01 | 85,417.99 | 234.12 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 331.40 | 4,594.25 | 3,346.57 | 268.22 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 266.75 | 4,662.79 | 1,428.99 | 44.19 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 213.70 | 1,792.05 | -2,191.22 | -55.01 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 1,550.05 | 13,228.32 | 12,221.29 | 1213.6 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 616.75 | 2,811.20 | 2,264.23 | 413.96 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 419.50 | 76,834.06 | 73,354.09 | 2107.89 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 782.45 | 10,941.78 | 6,466.90 | 144.52 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,352.10 | 40,242.31 | 37,761.49 | 1522.14 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 142.40 | 1,60,718.86 | 1,31,374.12 | 447.69 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 401.35 | 9,382.96 | 7,185.38 | 326.97 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 837.80 | 5,11,361.52 | -67,872.28 | -11.72 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 205.40 | 41,405.02 | 34,954.38 | 541.88 |
| TOTAL | 11,17,359.42 | 19,02,931.48 | 7,85,572.06 | 70.31 |
(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. 7,85,572.06 crore or 70.31% in these 29 IPOs as on 21.01.2025