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 07.07.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 07.07.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 337.65 | 2,49,173.36 | 2,03,419.63 | 444.6 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 411.50 | 42,403.02 | 33,644.19 | 384.12 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 296.00 | 1,07,593.29 | 88,691.80 | 469.23 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 391.60 | 27,511.47 | 20,134.80 | 272.95 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 84.45 | 89,714.35 | 51,470.22 | 134.58 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 440.60 | 8,309.70 | -11,493.25 | -58.04 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 98.65 | 36,713.85 | 27,037.62 | 279.42 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 384.40 | 2,18,520.92 | 79,245.04 | 56.9 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 378.85 | 5,091.74 | 51.74 | 1.03 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 32.36 | 592.37 | -1,604.30 | -73.03 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 116.00 | 1,252.80 | 108.00 | 9.43 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 227.20 | 40,846.94 | 30,059.90 | 278.67 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 2,052.80 | 20,928.64 | 16,524.33 | 375.19 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 378.15 | 28,455.79 | -40,172.21 | -58.54 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 187.40 | 13,192.96 | -43,127.03 | -76.57 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,944.10 | 31,266.82 | 24,383.33 | 354.23 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 5,012.40 | 1,50,800.65 | 1,14,316.63 | 313.33 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 424.95 | 5,891.15 | 4,643.47 | 372.17 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 281.75 | 4,924.99 | 1,691.19 | 52.3 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 195.95 | 1,643.21 | -2,340.06 | -58.75 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,890.65 | 24,669.17 | 23,662.14 | 2349.7 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 542.25 | 2,471.62 | 1,924.65 | 351.88 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 389.35 | 71,311.90 | 67,831.93 | 1949.21 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 784.30 | 10,967.65 | 6,492.77 | 145.09 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 3,275.25 | 56,036.57 | 53,555.75 | 2158.79 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 138.55 | 1,56,373.58 | 1,27,028.84 | 432.88 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 412.70 | 9,648.31 | 7,450.73 | 339.04 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 943.40 | 5,75,815.77 | -3,418.03 | -0.59 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 167.15 | 33,694.49 | 27,243.85 | 422.34 |
| TOTAL | 11,17,359.42 | 20,25,817.08 | 9,08,457.67 | 81.30 |
(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. 9,08,457.67 crore or 81.30% in these 29 IPOs as on 07.07.2025