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 07.08.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 07.08.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 345.00 | 2,54,597.39 | 2,08,843.66 | 456.45 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 419.50 | 43,227.38 | 34,468.55 | 393.53 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 271.75 | 98,778.63 | 79,877.14 | 422.6 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 366.00 | 25,712.96 | 18,336.29 | 248.57 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 77.00 | 81,799.94 | 43,555.81 | 113.89 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 441.00 | 8,317.24 | -11,485.71 | -58 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 67.92 | 25,277.29 | 15,601.06 | 161.23 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 413.65 | 2,35,148.75 | 95,872.86 | 68.84 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 278.60 | 3,744.38 | -1,295.62 | -25.71 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 23.81 | 435.86 | -1,760.81 | -80.16 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 95.20 | 1,028.16 | -116.64 | -10.19 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 201.00 | 36,136.60 | 25,349.56 | 235 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,513.00 | 15,425.29 | 11,020.98 | 250.23 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 357.40 | 26,894.35 | -41,733.65 | -60.81 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 177.15 | 12,471.36 | -43,848.63 | -77.86 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,294.00 | 20,811.31 | 13,927.82 | 202.34 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,910.00 | 1,47,719.89 | 1,11,235.87 | 304.89 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 434.80 | 6,027.70 | 4,780.02 | 383.11 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 234.45 | 4,098.19 | 864.39 | 26.73 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 131.20 | 1,100.22 | -2,883.05 | -72.38 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,598.55 | 22,176.35 | 21,169.32 | 2102.16 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 590.45 | 2,691.32 | 2,144.35 | 392.04 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 234.00 | 42,858.57 | 39,378.60 | 1131.58 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 519.65 | 7,266.79 | 2,791.91 | 62.39 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,500.00 | 42,772.75 | 40,291.93 | 1624.14 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 88.60 | 99,997.83 | 70,653.09 | 240.77 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 288.50 | 6,744.70 | 4,547.12 | 206.91 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 392.80 | 2,39,750.30 | -3,39,483.50 | -58.61 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 120.00 | 24,189.88 | 17,739.24 | 275 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 91.50 | 77,105.45 | -9,685.75 | -11.16 |
| TOTAL | 12,04,150.62 | 16,14,306.83 | 4,10,156.21 | 34.06 |
(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. 4,10,156.21 crore or 34.06% in these 30 IPOs as on 07.08.2026