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 13.06.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 13.06.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 332.00 | 2,45,003.86 | 1,99,250.13 | 435.48 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 406.20 | 41,856.88 | 33,098.05 | 377.88 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 285.70 | 1,03,849.33 | 84,947.84 | 449.42 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 402.55 | 28,280.75 | 20,904.08 | 283.38 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 86.09 | 91,456.58 | 53,212.45 | 139.14 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 477.85 | 9,012.23 | -10,790.72 | -54.49 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 98.46 | 36,643.13 | 26,966.90 | 278.69 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 391.35 | 2,22,471.81 | 83,195.92 | 59.73 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 382.45 | 5,140.13 | 100.13 | 1.99 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 31.51 | 576.81 | -1,619.86 | -73.74 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 120.60 | 1,302.48 | 157.68 | 13.77 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 228.20 | 41,026.72 | 30,239.68 | 280.33 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 2,160.50 | 22,026.66 | 17,622.35 | 400.12 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 390.85 | 29,411.46 | -39,216.54 | -57.14 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 186.55 | 13,133.12 | -43,186.87 | -76.68 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,900.10 | 30,559.17 | 23,675.68 | 343.95 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 5,027.35 | 1,51,250.43 | 1,14,766.41 | 314.57 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 439.50 | 6,092.86 | 4,845.18 | 388.33 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 290.25 | 5,073.57 | 1,839.77 | 56.89 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 202.40 | 1,697.29 | -2,285.98 | -57.39 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 3,067.15 | 26,175.44 | 25,168.41 | 2499.28 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 528.65 | 2,409.63 | 1,862.66 | 340.54 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 406.90 | 74,526.29 | 71,046.32 | 2041.58 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 770.55 | 10,775.37 | 6,300.49 | 140.8 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 3,199.60 | 54,742.27 | 52,261.45 | 2106.62 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 138.20 | 1,55,978.56 | 1,26,633.82 | 431.54 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 425.20 | 9,940.54 | 7,742.96 | 352.34 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 938.15 | 5,72,611.37 | -6,622.43 | -1.14 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 167.30 | 33,724.73 | 27,274.09 | 422.81 |
| TOTAL | 11,17,359.42 | 20,26,749.47 | 9,09,390.05 | 81.39 |
(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. 9,09,390.05 crore or 81.39% in these 29 IPOs as on 13.06.2025