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 04.11.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 04.11.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 330.70 | 2,44,044.51 | 1,98,290.78 | 433.39 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 396.25 | 40,831.58 | 32,072.75 | 366.18 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 279.00 | 1,01,413.94 | 82,512.45 | 436.54 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 370.75 | 26,046.67 | 18,670.00 | 253.1 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 84.10 | 89,342.53 | 51,098.40 | 133.61 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 431.45 | 8,137.13 | -11,665.82 | -58.91 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 87.34 | 32,504.69 | 22,828.46 | 235.92 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 377.70 | 2,14,712.15 | 75,436.26 | 54.16 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 363.75 | 4,888.80 | -151.20 | -3 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 31.17 | 570.59 | -1,626.08 | -74.02 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 113.95 | 1,230.66 | 85.86 | 7.5 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 232.90 | 41,871.71 | 31,084.67 | 288.17 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,769.20 | 18,037.29 | 13,632.98 | 309.54 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 376.95 | 28,365.49 | -40,262.51 | -58.67 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 182.75 | 12,865.60 | -43,454.39 | -77.16 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,482.15 | 23,837.31 | 16,953.82 | 246.3 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,683.90 | 1,40,917.56 | 1,04,433.54 | 286.24 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 380.20 | 5,270.77 | 4,023.09 | 322.44 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 249.20 | 4,356.02 | 1,122.22 | 34.7 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 168.10 | 1,409.66 | -2,573.61 | -64.61 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,556.35 | 21,816.21 | 20,809.18 | 2066.4 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 549.10 | 2,502.84 | 1,955.87 | 357.58 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 325.75 | 59,663.16 | 56,183.19 | 1614.47 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 718.65 | 10,049.60 | 5,574.72 | 124.58 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,682.70 | 45,898.58 | 43,417.76 | 1750.14 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 122.20 | 1,37,920.26 | 1,08,575.52 | 370 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 364.10 | 8,512.11 | 6,314.53 | 287.34 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 906.40 | 5,53,232.37 | -26,001.43 | -4.49 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 151.00 | 30,438.94 | 23,988.30 | 371.88 |
| TOTAL | 11,17,359.42 | 19,10,688.73 | 7,93,329.31 | 71.00 |
(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. 7,93,329.31 crore or 71.00% in these 29 IPOs as on 04.11.2025