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 04.07.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 04.07.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 335.50 | 2,47,586.73 | 2,01,833.00 | 441.13 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 413.30 | 42,588.50 | 33,829.67 | 386.24 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 294.10 | 1,06,902.65 | 88,001.16 | 465.58 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 393.65 | 27,655.49 | 20,278.82 | 274.9 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 85.03 | 90,330.50 | 52,086.37 | 136.19 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 445.90 | 8,409.65 | -11,393.30 | -57.53 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 98.40 | 36,620.80 | 26,944.57 | 278.46 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 386.05 | 2,19,458.90 | 80,183.01 | 57.57 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 387.65 | 5,210.02 | 170.02 | 3.37 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 32.91 | 602.44 | -1,594.23 | -72.57 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 117.85 | 1,272.78 | 127.98 | 11.18 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 231.20 | 41,566.07 | 30,779.03 | 285.33 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 2,057.25 | 20,974.01 | 16,569.70 | 376.22 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 380.15 | 28,606.29 | -40,021.71 | -58.32 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 186.25 | 13,112.00 | -43,207.99 | -76.72 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,977.30 | 31,800.78 | 24,917.29 | 361.99 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,993.15 | 1,50,221.50 | 1,13,737.48 | 311.75 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 434.10 | 6,018.00 | 4,770.32 | 382.33 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 284.95 | 4,980.93 | 1,747.13 | 54.03 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 199.45 | 1,672.56 | -2,310.71 | -58.01 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,973.25 | 25,374.08 | 24,367.05 | 2419.7 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 551.00 | 2,511.50 | 1,964.53 | 359.17 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 391.35 | 71,678.21 | 68,198.24 | 1959.74 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 780.80 | 10,918.71 | 6,443.83 | 144 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 3,328.00 | 56,939.08 | 54,458.26 | 2195.17 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 139.25 | 1,57,163.64 | 1,27,818.90 | 435.58 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 418.65 | 9,787.41 | 7,589.83 | 345.37 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 941.15 | 5,74,442.46 | -4,791.34 | -0.83 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 166.70 | 33,603.78 | 27,153.14 | 420.94 |
| TOTAL | 11,17,359.42 | 20,28,009.47 | 9,10,650.05 | 81.50 |
(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. 9,10,650.05 crore or 81.50% in these 29 IPOs as on 04.07.2025