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 06.04.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 06.04.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 366.15 | 2,70,205.31 | 2,24,451.58 | 490.56 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 405.85 | 41,820.81 | 33,061.98 | 377.47 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 295.15 | 1,07,284.32 | 88,382.83 | 467.6 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 327.60 | 23,015.21 | 15,638.54 | 212 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 76.14 | 80,886.33 | 42,642.20 | 111.5 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 472.00 | 8,901.90 | -10,901.05 | -55.05 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 67.78 | 25,225.18 | 15,548.95 | 160.69 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 459.35 | 2,61,127.95 | 1,21,852.07 | 87.49 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 299.35 | 4,023.26 | -1,016.74 | -20.17 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 22.99 | 420.85 | -1,775.82 | -80.84 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 84.32 | 910.66 | -234.14 | -20.45 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 169.60 | 30,491.38 | 19,704.34 | 182.67 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,334.50 | 13,605.45 | 9,201.14 | 208.91 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 384.90 | 28,963.72 | -39,664.28 | -57.8 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 124.00 | 8,729.60 | -47,590.39 | -84.5 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,225.05 | 19,702.39 | 12,818.90 | 186.23 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 3,751.50 | 1,12,865.82 | 76,381.80 | 209.36 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 306.00 | 4,242.13 | 2,994.45 | 240 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 191.40 | 3,345.67 | 111.87 | 3.46 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 125.95 | 1,056.20 | -2,927.07 | -73.48 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,260.05 | 19,287.55 | 18,280.52 | 1815.3 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 402.35 | 1,833.94 | 1,286.97 | 235.29 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 261.60 | 47,913.68 | 44,433.71 | 1276.84 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 514.25 | 7,191.27 | 2,716.39 | 60.7 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,314.45 | 39,598.15 | 37,117.33 | 1496.17 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 92.76 | 1,04,692.99 | 75,348.25 | 256.77 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 267.05 | 6,243.23 | 4,045.65 | 184.1 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 745.45 | 4,54,994.56 | -1,24,239.24 | -21.45 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 115.55 | 23,292.84 | 16,842.20 | 261.09 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 98.40 | 82,919.96 | -3,871.24 | -4.46 |
| TOTAL | 12,04,150.62 | 18,34,792.31 | 6,30,641.70 | 52.37 |
(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. 6,30,641.70 crore or 52.37% in these 30 IPOs as on 06.04.2026