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 25.05.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 25.05.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 390.05 | 2,87,842.64 | 2,42,088.91 | 529.11 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 439.15 | 45,252.21 | 36,493.38 | 416.65 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 295.25 | 1,07,320.67 | 88,419.18 | 467.79 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 342.35 | 24,051.46 | 16,674.79 | 226.05 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 79.01 | 83,935.24 | 45,691.11 | 119.47 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 482.75 | 9,104.64 | -10,698.31 | -54.02 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 74.24 | 27,629.36 | 17,953.13 | 185.54 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 458.00 | 2,60,360.51 | 1,21,084.63 | 86.94 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 302.95 | 4,071.65 | -968.35 | -19.21 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 24.03 | 439.88 | -1,756.79 | -79.98 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 96.78 | 1,045.22 | -99.58 | -8.7 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 207.95 | 37,386.09 | 26,599.05 | 246.58 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,528.65 | 15,584.85 | 11,180.54 | 253.85 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 390.75 | 29,403.94 | -39,224.06 | -57.15 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 166.10 | 11,693.44 | -44,626.55 | -79.24 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,325.75 | 21,321.94 | 14,438.45 | 209.75 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,426.20 | 1,33,164.52 | 96,680.50 | 264.99 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 416.70 | 5,776.78 | 4,529.10 | 363 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 207.25 | 3,622.73 | 388.93 | 12.03 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 142.60 | 1,195.82 | -2,787.45 | -69.98 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,675.65 | 22,834.33 | 21,827.30 | 2167.5 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 429.85 | 1,959.29 | 1,412.32 | 258.21 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 272.55 | 49,919.24 | 46,439.27 | 1334.47 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 537.80 | 7,520.60 | 3,045.72 | 68.06 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,472.00 | 42,293.69 | 39,812.87 | 1604.83 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 100.45 | 1,13,372.26 | 84,027.52 | 286.35 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 328.50 | 7,679.84 | 5,482.26 | 249.47 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 837.20 | 5,10,995.30 | -68,238.50 | -11.78 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 129.65 | 26,135.15 | 19,684.51 | 305.16 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 102.00 | 85,953.61 | -837.59 | -0.97 |
| TOTAL | 12,04,150.62 | 19,78,866.90 | 7,74,716.29 | 64.34 |
(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. 7,74,716.29 crore or 64.34% in these 30 IPOs as on 25.05.2026