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 21.02.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 21.02.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 325.95 | 2,40,539.18 | 1,94,785.45 | 425.73 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 390.25 | 40,213.31 | 31,454.48 | 359.12 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 261.75 | 95,143.73 | 76,242.24 | 403.37 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 403.60 | 28,354.51 | 20,977.84 | 284.38 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 79.85 | 84,827.60 | 46,583.47 | 121.81 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 392.15 | 7,395.93 | -12,407.02 | -62.65 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 92.88 | 34,566.47 | 24,890.24 | 257.23 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 369.90 | 2,10,278.07 | 71,002.18 | 50.98 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 322.90 | 4,339.78 | -700.22 | -13.89 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 43.73 | 800.50 | -1,396.17 | -63.56 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 81.13 | 876.20 | -268.60 | -23.46 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 189.50 | 34,069.08 | 23,282.04 | 215.83 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,324.20 | 13,500.44 | 9,096.13 | 206.53 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 385.15 | 28,982.54 | -39,645.46 | -57.77 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 160.20 | 11,278.08 | -45,041.91 | -79.97 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,009.05 | 16,228.48 | 9,344.99 | 135.76 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 3,369.60 | 1,01,376.16 | 64,892.14 | 177.86 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 271.90 | 3,769.39 | 2,521.71 | 202.11 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 218.25 | 3,815.01 | 581.21 | 17.97 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 158.50 | 1,329.16 | -2,654.11 | -66.63 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 1,318.95 | 11,256.08 | 10,249.05 | 1017.75 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 482.90 | 2,201.10 | 1,654.13 | 302.42 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 371.60 | 68,060.87 | 64,580.90 | 1855.79 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 730.65 | 10,217.41 | 5,742.53 | 128.33 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,117.55 | 36,229.37 | 33,748.55 | 1360.38 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 125.00 | 1,41,080.46 | 1,11,735.72 | 380.77 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 305.30 | 7,137.46 | 4,939.88 | 224.79 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 781.30 | 4,76,876.05 | -1,02,357.75 | -17.67 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 177.15 | 35,710.31 | 29,259.67 | 453.59 |
| TOTAL | 11,17,359.42 | 17,50,452.73 | 6,33,093.31 | 56.66 |
(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. 6,33,093.31 crore or 56.66% in these 29 IPOs as on 21.02.2025