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 26.02.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 26.02.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 381.85 | 2,81,791.34 | 2,36,037.61 | 515.89 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 420.35 | 43,314.97 | 34,556.14 | 394.53 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 303.50 | 1,10,319.47 | 91,417.98 | 483.65 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 353.85 | 24,859.38 | 17,482.71 | 237 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 75.74 | 80,461.39 | 42,217.26 | 110.39 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 473.45 | 8,929.25 | -10,873.70 | -54.91 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 74.02 | 27,547.48 | 17,871.25 | 184.69 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 433.65 | 2,46,518.20 | 1,07,242.32 | 77 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 308.10 | 4,140.86 | -899.14 | -17.84 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 26.19 | 479.42 | -1,717.25 | -78.18 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 94.04 | 1,015.63 | -129.17 | -11.28 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 190.45 | 34,239.87 | 23,452.83 | 217.42 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,500.60 | 15,298.87 | 10,894.56 | 247.36 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 388.80 | 29,257.20 | -39,370.80 | -57.37 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 149.20 | 10,503.68 | -45,816.31 | -81.35 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,272.50 | 20,465.53 | 13,582.04 | 197.31 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,008.55 | 1,20,599.30 | 84,115.28 | 230.55 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 352.80 | 4,890.92 | 3,643.24 | 292 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 215.75 | 3,771.31 | 537.51 | 16.62 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 145.10 | 1,216.79 | -2,766.48 | -69.45 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,470.20 | 21,080.99 | 20,073.96 | 1993.39 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 452.10 | 2,060.71 | 1,513.74 | 276.75 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 318.35 | 58,307.80 | 54,827.83 | 1575.53 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 595.15 | 8,322.58 | 3,847.70 | 85.98 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,251.15 | 38,515.15 | 36,034.33 | 1452.52 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 103.25 | 1,16,532.46 | 87,187.72 | 297.12 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 312.70 | 7,310.46 | 5,112.88 | 232.66 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 870.85 | 5,31,533.99 | -47,699.81 | -8.23 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 124.60 | 25,117.16 | 18,666.52 | 289.37 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 90.18 | 75,993.11 | -10,798.09 | -12.44 |
| TOTAL | 12,04,150.62 | 19,54,395.27 | 7,50,244.66 | 62.30 |
(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. 7,50,244.66 crore or 62.30% in these 30 IPOs as on 26.02.2026