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 01.09.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 01.09.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 327.00 | 2,41,314.04 | 1,95,560.31 | 427.42 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 345.75 | 35,627.81 | 26,868.98 | 306.76 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 264.85 | 96,270.55 | 77,369.06 | 409.33 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 314.30 | 22,080.83 | 14,704.16 | 199.33 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 75.91 | 80,641.99 | 42,397.86 | 110.86 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 490.95 | 9,259.30 | -10,543.65 | -53.24 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 64.93 | 24,164.52 | 14,488.29 | 149.73 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 402.50 | 2,28,810.28 | 89,534.39 | 64.29 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 250.80 | 3,370.75 | -1,669.25 | -33.12 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 22.60 | 413.71 | -1,782.96 | -81.17 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 85.15 | 919.62 | -225.18 | -19.67 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 178.35 | 32,064.49 | 21,277.45 | 197.25 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,473.00 | 15,017.49 | 10,613.18 | 240.97 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 354.85 | 26,702.46 | -41,925.54 | -61.09 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 185.85 | 13,083.84 | -43,236.15 | -76.77 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,250.00 | 20,103.66 | 13,220.17 | 192.06 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,812.00 | 1,44,771.51 | 1,08,287.49 | 296.81 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 417.25 | 5,784.40 | 4,536.72 | 363.61 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 216.55 | 3,785.29 | 551.49 | 17.05 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 119.20 | 999.59 | -2,983.68 | -74.91 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,531.80 | 21,606.70 | 20,599.67 | 2045.59 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 729.70 | 3,326.03 | 2,779.06 | 508.08 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 208.35 | 38,160.61 | 34,680.64 | 996.58 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 481.40 | 6,731.90 | 2,257.02 | 50.44 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,480.00 | 42,430.56 | 39,949.74 | 1610.34 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 82.50 | 93,113.11 | 63,768.37 | 217.31 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 278.45 | 6,509.74 | 4,312.16 | 196.22 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 411.25 | 2,51,011.49 | -3,28,222.31 | -56.66 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 114.30 | 23,040.86 | 16,590.22 | 257.19 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 89.16 | 75,133.57 | -11,657.63 | -13.43 |
| TOTAL | 12,04,150.62 | 15,66,250.70 | 3,62,100.08 | 30.07 |
(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. 3,62,100.08 crore or 30.07% in these 30 IPOs as on 01.09.2026