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 29.08.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 29.08.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 327.55 | 2,41,719.92 | 1,95,966.19 | 428.31 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 379.65 | 39,121.03 | 30,362.20 | 346.65 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 275.35 | 1,00,087.20 | 81,185.71 | 429.52 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 350.10 | 24,595.93 | 17,219.26 | 233.43 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 77.29 | 82,108.02 | 43,863.89 | 114.69 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 390.35 | 7,361.98 | -12,440.97 | -62.82 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 93.60 | 34,834.42 | 25,158.19 | 260 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 374.45 | 2,12,864.62 | 73,588.73 | 52.84 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 330.05 | 4,435.87 | -604.13 | -11.99 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 27.75 | 507.98 | -1,688.69 | -76.87 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 98.30 | 1,061.64 | -83.16 | -7.26 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 204.65 | 36,792.81 | 26,005.77 | 241.08 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,608.75 | 16,401.48 | 11,997.17 | 272.4 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 363.70 | 27,368.42 | -41,259.58 | -60.12 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 188.60 | 13,277.44 | -43,042.55 | -76.42 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,436.30 | 23,099.91 | 16,216.42 | 235.58 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,333.85 | 1,30,386.12 | 93,902.10 | 257.38 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 360.90 | 5,003.21 | 3,755.53 | 301 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 244.15 | 4,267.74 | 1,033.94 | 31.97 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 160.35 | 1,344.67 | -2,638.60 | -66.24 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,354.05 | 20,089.75 | 19,082.72 | 1894.96 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 450.60 | 2,053.87 | 1,506.90 | 275.5 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 302.80 | 55,459.72 | 51,979.75 | 1493.68 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 691.70 | 9,672.73 | 5,197.85 | 116.16 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,605.95 | 44,585.45 | 42,104.63 | 1697.21 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 118.10 | 1,33,292.82 | 1,03,948.08 | 354.23 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 328.45 | 7,678.67 | 5,481.09 | 249.41 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 852.25 | 5,20,181.25 | -59,052.55 | -10.19 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 140.45 | 28,312.24 | 21,861.60 | 338.91 |
| TOTAL | 11,17,359.42 | 18,27,966.91 | 7,10,607.49 | 63.60 |
(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. 7,10,607.49 crore or 63.60% in these 29 IPOs as on 29.08.2025