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 30.01.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 30.01.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 355.80 | 2,62,567.39 | 2,16,813.66 | 473.87 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 379.35 | 39,090.12 | 30,331.29 | 346.29 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 256.35 | 93,180.88 | 74,279.39 | 392.98 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 364.35 | 25,597.04 | 18,220.37 | 247 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 78.20 | 83,074.74 | 44,830.61 | 117.22 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 509.75 | 9,613.86 | -10,189.09 | -51.45 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 72.51 | 26,985.51 | 17,309.28 | 178.88 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 440.40 | 2,50,355.39 | 1,11,079.51 | 79.76 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 365.55 | 4,912.99 | -127.01 | -2.52 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 27.89 | 510.54 | -1,686.13 | -76.76 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 98.85 | 1,067.58 | -77.22 | -6.75 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 191.65 | 34,455.61 | 23,668.57 | 219.42 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,659.85 | 16,922.45 | 12,518.14 | 284.22 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 378.00 | 28,444.50 | -40,183.50 | -58.55 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 148.70 | 10,468.48 | -45,851.51 | -81.41 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,537.60 | 24,729.11 | 17,845.62 | 259.25 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,617.85 | 1,38,930.41 | 1,02,446.39 | 280.8 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 375.85 | 5,210.47 | 3,962.79 | 317.61 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 228.40 | 3,992.43 | 758.63 | 23.46 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 163.90 | 1,374.44 | -2,608.83 | -65.49 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,765.70 | 23,602.83 | 22,595.80 | 2243.81 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 461.90 | 2,105.38 | 1,558.41 | 284.92 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 343.25 | 62,868.39 | 59,388.42 | 1706.58 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 623.05 | 8,712.73 | 4,237.85 | 94.7 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,572.95 | 44,020.85 | 41,540.03 | 1674.45 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 120.15 | 1,35,606.54 | 1,06,261.80 | 362.12 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 353.75 | 8,270.15 | 6,072.57 | 276.33 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 824.45 | 5,03,213.18 | -76,020.62 | -13.12 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 132.05 | 26,618.95 | 20,168.31 | 312.66 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.63 | 103.00 | 86,791.20 | 86.21 | 72,643.39 | -14,147.81 | -16.3 |
| TOTAL | 12,04,150.62 | 19,49,146.33 | 7,44,995.72 | 61.87 |
(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. 7,44,995.72 crore or 61.87% in these 30 IPOs as on 30.01.2026