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 27.02.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 27.02.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 381.85 | 2,81,791.34 | 2,36,037.61 | 515.89 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 412.75 | 42,531.82 | 33,772.99 | 385.59 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 298.75 | 1,08,592.89 | 89,691.40 | 474.52 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 350.10 | 24,595.93 | 17,219.26 | 233.43 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 75.36 | 80,057.71 | 41,813.58 | 109.33 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 483.95 | 9,127.28 | -10,675.67 | -53.91 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 73.08 | 27,197.65 | 17,521.42 | 181.08 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 430.70 | 2,44,841.21 | 1,05,565.32 | 75.8 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 307.10 | 4,127.42 | -912.58 | -18.11 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 26.61 | 487.11 | -1,709.56 | -77.83 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 92.73 | 1,001.48 | -143.32 | -12.52 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 186.60 | 33,547.70 | 22,760.66 | 211 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,492.90 | 15,220.37 | 10,816.06 | 245.58 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 382.80 | 28,805.70 | -39,822.30 | -58.03 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 147.30 | 10,369.92 | -45,950.07 | -81.59 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,265.35 | 20,350.54 | 13,467.05 | 195.64 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 3,914.00 | 1,17,754.72 | 81,270.70 | 222.76 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 346.05 | 4,797.35 | 3,549.67 | 284.5 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 213.75 | 3,736.35 | 502.55 | 15.54 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 143.55 | 1,203.79 | -2,779.48 | -69.78 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,432.80 | 20,761.82 | 19,754.79 | 1961.7 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 456.35 | 2,080.08 | 1,533.11 | 280.29 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 316.55 | 57,978.12 | 54,498.15 | 1566.05 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 571.25 | 7,988.36 | 3,513.48 | 78.52 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,223.60 | 38,043.79 | 35,562.97 | 1433.52 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 103.55 | 1,16,871.06 | 87,526.32 | 298.27 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 313.85 | 7,337.34 | 5,139.76 | 233.88 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 849.35 | 5,18,411.20 | -60,822.60 | -10.5 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 122.30 | 24,653.52 | 18,202.88 | 282.19 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 90.11 | 75,934.12 | -10,857.08 | -12.51 |
| TOTAL | 12,04,150.62 | 19,30,197.69 | 7,26,047.07 | 60.30 |
(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. 7,26,047.07 crore or 60.30% in these 30 IPOs as on 27.02.2026