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 17.04.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 17.04.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 364.10 | 2,68,692.49 | 2,22,938.76 | 487.26 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 423.70 | 43,660.17 | 34,901.34 | 398.47 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 308.80 | 1,12,245.97 | 93,344.48 | 493.85 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 428.30 | 30,089.79 | 22,713.12 | 307.9 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 84.98 | 90,277.39 | 52,033.26 | 136.06 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 384.40 | 7,249.77 | -12,553.18 | -63.39 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 94.22 | 35,065.16 | 25,388.93 | 262.38 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 398.75 | 2,26,678.50 | 87,402.61 | 62.76 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 323.70 | 4,350.53 | -689.47 | -13.68 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 28.10 | 514.39 | -1,682.28 | -76.58 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 98.40 | 1,062.72 | -82.08 | -7.17 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 228.90 | 41,152.57 | 30,365.53 | 281.5 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,450.20 | 14,785.04 | 10,380.73 | 235.69 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 429.20 | 32,297.30 | -36,330.70 | -52.94 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 172.40 | 12,136.96 | -44,183.03 | -78.45 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,392.70 | 22,398.70 | 15,515.21 | 225.4 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,218.60 | 1,26,918.77 | 90,434.75 | 247.87 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 285.80 | 3,962.09 | 2,714.41 | 217.56 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 233.55 | 4,082.45 | 848.65 | 26.24 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 160.45 | 1,345.51 | -2,637.76 | -66.22 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 1,714.25 | 14,629.62 | 13,622.59 | 1352.75 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 525.05 | 2,393.22 | 1,846.25 | 337.54 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 370.65 | 67,886.88 | 64,406.91 | 1850.79 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 769.65 | 10,762.79 | 6,287.91 | 140.52 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,711.30 | 46,387.90 | 43,907.08 | 1769.86 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 129.45 | 1,46,102.93 | 1,16,758.19 | 397.88 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 309.90 | 7,245.00 | 5,047.42 | 229.68 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 803.55 | 4,90,456.61 | -88,777.19 | -15.33 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 173.35 | 34,944.30 | 28,493.66 | 441.72 |
| TOTAL | 11,17,359.42 | 18,99,775.52 | 7,82,416.10 | 70.02 |
(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. 7,82,416.10 crore or 70.02% in these 29 IPOs as on 17.04.2025