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 15.12.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 15.12.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 323.85 | 2,38,989.46 | 1,93,235.73 | 422.34 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 341.05 | 35,143.50 | 26,384.67 | 301.24 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 262.30 | 95,343.65 | 76,442.16 | 404.42 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 342.60 | 24,069.02 | 16,692.35 | 226.29 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 77.24 | 82,054.90 | 43,810.77 | 114.56 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 403.70 | 7,613.76 | -12,189.19 | -61.55 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 72.40 | 26,944.58 | 17,268.35 | 178.46 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 384.45 | 2,18,549.34 | 79,273.45 | 56.92 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 335.65 | 4,511.14 | -528.86 | -10.49 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 27.77 | 508.35 | -1,688.32 | -76.86 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 115.30 | 1,245.24 | 100.44 | 8.77 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 214.95 | 38,644.58 | 27,857.54 | 258.25 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,587.30 | 16,182.79 | 11,778.48 | 267.43 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 382.50 | 28,783.13 | -39,844.87 | -58.06 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 167.30 | 11,777.92 | -44,542.07 | -79.09 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,402.10 | 22,549.88 | 15,666.39 | 227.59 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,322.40 | 1,30,041.64 | 93,557.62 | 256.43 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 302.65 | 4,195.69 | 2,948.01 | 236.28 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 228.65 | 3,996.80 | 763.00 | 23.59 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 157.05 | 1,317.00 | -2,666.27 | -66.94 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,350.00 | 20,055.19 | 19,048.16 | 1891.53 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 478.40 | 2,180.59 | 1,633.62 | 298.67 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 313.25 | 57,373.71 | 53,893.74 | 1548.68 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 672.50 | 9,404.24 | 4,929.36 | 110.16 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,447.15 | 41,868.53 | 39,387.71 | 1587.69 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 113.30 | 1,27,875.33 | 98,530.59 | 335.77 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 335.85 | 7,851.67 | 5,654.09 | 257.29 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 857.30 | 5,23,263.58 | -55,970.22 | -9.66 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 135.45 | 27,304.33 | 20,853.69 | 323.28 |
| TOTAL | 11,17,359.42 | 18,09,639.54 | 6,92,280.12 | 61.96 |
(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. 6,92,280.12 crore or 61.96% in these 29 IPOs as on 15.12.2025