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 27.03.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 27.03.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 360.80 | 2,66,257.21 | 2,20,503.48 | 481.94 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 420.90 | 43,371.64 | 34,612.81 | 395.18 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 294.90 | 1,07,193.45 | 88,291.96 | 467.12 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 433.00 | 30,419.98 | 23,043.31 | 312.38 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 81.24 | 86,304.25 | 48,060.12 | 125.67 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 386.15 | 7,282.77 | -12,520.18 | -63.22 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 92.42 | 34,395.27 | 24,719.04 | 255.46 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 396.75 | 2,25,541.56 | 86,265.67 | 61.94 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 328.25 | 4,411.68 | -628.32 | -12.47 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 44.76 | 819.36 | -1,377.31 | -62.7 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 82.81 | 894.35 | -250.45 | -21.88 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 200.35 | 36,019.74 | 25,232.70 | 233.92 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,425.95 | 14,537.80 | 10,133.49 | 230.08 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 417.15 | 31,390.54 | -37,237.46 | -54.26 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 158.55 | 11,161.92 | -45,158.07 | -80.18 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,282.80 | 20,631.18 | 13,747.69 | 199.72 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,161.60 | 1,25,203.89 | 88,719.87 | 243.17 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 280.70 | 3,891.39 | 2,643.71 | 211.89 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 230.95 | 4,037.01 | 803.21 | 24.84 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 159.75 | 1,339.64 | -2,643.63 | -66.37 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 1,696.75 | 14,480.27 | 13,473.24 | 1337.92 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 510.30 | 2,325.99 | 1,779.02 | 325.25 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 355.30 | 65,075.43 | 61,595.46 | 1770 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 718.55 | 10,048.20 | 5,573.32 | 124.55 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,697.25 | 46,147.52 | 43,666.70 | 1760.17 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 124.40 | 1,40,403.28 | 1,11,058.54 | 378.46 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 307.95 | 7,199.41 | 5,001.83 | 227.61 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 800.65 | 4,88,686.56 | -90,547.24 | -15.63 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 161.90 | 32,636.18 | 26,185.54 | 405.94 |
| TOTAL | 11,17,359.42 | 18,62,107.47 | 7,44,748.05 | 66.65 |
(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. 7,44,748.05 crore or 66.65% in these 29 IPOs as on 27.03.2025