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 12.06.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 12.06.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 353.95 | 2,61,202.16 | 2,15,448.43 | 470.89 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 421.10 | 43,392.25 | 34,633.42 | 395.41 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 284.80 | 1,03,522.19 | 84,620.70 | 447.69 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 348.10 | 24,455.42 | 17,078.75 | 231.52 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 73.77 | 78,368.59 | 40,124.46 | 104.92 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 418.05 | 7,884.40 | -11,918.55 | -60.19 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 72.66 | 27,041.34 | 17,365.11 | 179.46 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 443.70 | 2,52,231.35 | 1,12,955.46 | 81.1 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 291.85 | 3,922.46 | -1,117.54 | -22.17 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 24.03 | 439.88 | -1,756.79 | -79.98 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 105.10 | 1,135.08 | -9.72 | -0.85 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 205.35 | 36,918.66 | 26,131.62 | 242.25 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,423.85 | 14,516.39 | 10,112.08 | 229.6 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 378.70 | 28,497.17 | -40,130.83 | -58.48 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 152.80 | 10,757.12 | -45,562.87 | -80.9 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,199.65 | 19,293.89 | 12,410.40 | 180.29 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,193.25 | 1,26,156.10 | 89,672.08 | 245.78 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 435.35 | 6,035.33 | 4,787.65 | 383.72 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 206.10 | 3,602.63 | 368.83 | 11.41 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 135.30 | 1,134.60 | -2,848.67 | -71.52 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,648.05 | 22,598.79 | 21,591.76 | 2144.11 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 568.00 | 2,588.99 | 2,042.02 | 373.33 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 233.25 | 42,721.20 | 39,241.23 | 1127.63 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 521.15 | 7,287.76 | 2,812.88 | 62.86 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,408.95 | 41,214.96 | 38,734.14 | 1561.34 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 95.88 | 1,08,214.36 | 78,869.62 | 268.77 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 308.75 | 7,218.11 | 5,020.53 | 228.46 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 399.25 | 2,43,687.14 | -3,35,546.66 | -57.93 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 122.10 | 24,613.21 | 18,162.57 | 281.56 |
| 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 | 16,33,571.49 | 4,29,420.87 | 35.66 |
(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. 4,29,420.87 crore or 35.66% in these 30 IPOs as on 12.06.2026