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 08.08.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 08.08.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 334.60 | 2,46,922.57 | 2,01,168.84 | 439.68 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 404.60 | 41,692.01 | 32,933.18 | 376 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 284.90 | 1,03,558.54 | 84,657.05 | 447.89 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 381.10 | 26,773.80 | 19,397.13 | 262.95 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 81.79 | 86,888.53 | 48,644.40 | 127.19 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 431.70 | 8,141.84 | -11,661.11 | -58.89 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 92.09 | 34,272.46 | 24,596.23 | 254.19 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 379.70 | 2,15,849.10 | 76,573.21 | 54.98 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 322.30 | 4,331.71 | -708.29 | -14.05 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 27.97 | 512.01 | -1,684.66 | -76.69 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 105.85 | 1,143.18 | -1.62 | -0.14 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 207.55 | 37,314.18 | 26,527.14 | 245.92 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,642.75 | 16,748.12 | 12,343.81 | 280.27 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 392.85 | 29,561.96 | -39,066.04 | -56.92 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 191.05 | 13,449.92 | -42,870.07 | -76.12 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,500.00 | 24,124.39 | 17,240.90 | 250.47 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,439.85 | 1,33,575.19 | 97,091.17 | 266.12 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 384.65 | 5,332.46 | 4,084.78 | 327.39 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 246.65 | 4,311.44 | 1,077.64 | 33.32 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 164.85 | 1,382.41 | -2,600.86 | -65.29 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,519.90 | 21,505.14 | 20,498.11 | 2035.51 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 469.55 | 2,140.25 | 1,593.28 | 291.29 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 336.80 | 61,687.04 | 58,207.07 | 1672.63 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 718.65 | 10,049.60 | 5,574.72 | 124.58 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,638.15 | 45,136.37 | 42,655.55 | 1719.41 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 125.25 | 1,41,362.62 | 1,12,017.88 | 381.73 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 345.80 | 8,084.29 | 5,886.71 | 267.87 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 912.55 | 5,56,986.10 | -22,247.70 | -3.84 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 142.30 | 28,685.17 | 22,234.53 | 344.69 |
| TOTAL | 11,17,359.42 | 19,11,522.40 | 7,94,162.98 | 71.07 |
(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. 7,94,162.98 crore or 71.07% in these 29 IPOs as on 08.08.2025