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 08.05.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 08.05.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 339.75 | 2,50,723.08 | 2,04,969.35 | 447.98 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 389.90 | 40,177.25 | 31,418.42 | 358.71 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 307.85 | 1,11,900.65 | 92,999.16 | 492.02 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 392.20 | 27,553.62 | 20,176.95 | 273.52 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 80.20 | 85,199.42 | 46,955.29 | 122.78 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 398.10 | 7,508.15 | -12,294.80 | -62.09 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 89.36 | 33,256.45 | 23,580.22 | 243.69 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 385.20 | 2,18,975.70 | 79,699.82 | 57.22 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 321.05 | 4,314.91 | -725.09 | -14.39 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 27.35 | 500.66 | -1,696.01 | -77.21 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 93.87 | 1,013.80 | -131.00 | -11.44 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 211.45 | 38,015.34 | 27,228.30 | 252.42 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,444.10 | 14,722.84 | 10,318.53 | 234.28 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 401.70 | 30,227.92 | -38,400.08 | -55.95 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 165.10 | 11,623.04 | -44,696.95 | -79.36 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,453.50 | 23,376.54 | 16,493.05 | 239.6 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,419.45 | 1,32,961.44 | 96,477.42 | 264.44 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 306.25 | 4,245.59 | 2,997.91 | 240.28 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 219.40 | 3,835.11 | 601.31 | 18.59 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 151.80 | 1,272.97 | -2,710.30 | -68.04 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 1,771.35 | 15,116.92 | 14,109.89 | 1401.14 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 485.50 | 2,212.95 | 1,665.98 | 304.58 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 331.35 | 60,688.83 | 57,208.86 | 1643.95 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 728.15 | 10,182.45 | 5,707.57 | 127.55 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,820.00 | 48,247.66 | 45,766.84 | 1844.83 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 118.85 | 1,34,139.30 | 1,04,794.56 | 357.12 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 300.90 | 7,034.59 | 4,837.01 | 220.11 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 781.20 | 4,76,815.01 | -1,02,418.79 | -17.68 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 158.65 | 31,981.04 | 25,530.40 | 395.78 |
| TOTAL | 11,17,359.42 | 18,27,823.23 | 7,10,463.82 | 63.58 |
(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. 7,10,463.82 crore or 63.58% in these 29 IPOs as on 08.05.2025