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 17.07.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 17.07.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 342.55 | 2,52,789.38 | 2,07,035.65 | 452.5 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 423.80 | 43,670.47 | 34,911.64 | 398.59 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 296.65 | 1,07,829.56 | 88,928.07 | 470.48 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 401.30 | 28,192.93 | 20,816.26 | 282.19 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 87.87 | 93,347.54 | 55,103.41 | 144.08 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 446.40 | 8,419.08 | -11,383.87 | -57.49 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 99.05 | 36,862.71 | 27,186.48 | 280.96 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 385.90 | 2,19,373.63 | 80,097.74 | 57.51 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 371.85 | 4,997.66 | -42.34 | -0.84 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 32.29 | 591.09 | -1,605.58 | -73.09 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 114.45 | 1,236.06 | 91.26 | 7.97 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 229.15 | 41,197.52 | 30,410.48 | 281.92 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,911.35 | 19,486.54 | 15,082.23 | 342.44 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 386.85 | 29,110.46 | -39,517.54 | -57.58 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 186.10 | 13,101.44 | -43,218.55 | -76.74 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,743.30 | 28,037.37 | 21,153.88 | 307.31 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,787.35 | 1,44,029.90 | 1,07,545.88 | 294.78 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 425.70 | 5,901.55 | 4,653.87 | 373 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 277.55 | 4,851.57 | 1,617.77 | 50.03 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 189.70 | 1,590.79 | -2,392.48 | -60.06 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,647.50 | 22,594.09 | 21,587.06 | 2143.64 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 536.40 | 2,444.95 | 1,897.98 | 347 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 381.45 | 69,864.96 | 66,384.99 | 1907.63 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 774.80 | 10,834.80 | 6,359.92 | 142.12 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 3,051.35 | 52,205.85 | 49,725.03 | 2004.38 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 134.90 | 1,52,254.04 | 1,22,909.30 | 418.85 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 410.35 | 9,593.37 | 7,395.79 | 336.54 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 928.05 | 5,66,446.71 | -12,787.09 | -2.21 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 159.20 | 32,091.91 | 25,641.27 | 397.5 |
| TOTAL | 11,17,359.42 | 20,02,947.93 | 8,85,588.51 | 79.26 |
(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. 8,85,588.51 crore or 79.26% in these 29 IPOs as on 17.07.2025