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 02.04.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 02.04.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 360.00 | 2,65,666.84 | 2,19,913.11 | 480.65 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 402.60 | 41,485.92 | 32,727.09 | 373.65 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 289.85 | 1,05,357.82 | 86,456.33 | 457.4 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 324.15 | 22,772.83 | 15,396.16 | 208.71 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 75.22 | 79,908.98 | 41,664.85 | 108.94 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 480.25 | 9,057.49 | -10,745.46 | -54.26 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 67.29 | 25,042.82 | 15,366.59 | 158.81 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 449.55 | 2,55,556.92 | 1,16,281.04 | 83.49 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 292.90 | 3,936.58 | -1,103.42 | -21.89 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 22.31 | 408.40 | -1,788.27 | -81.41 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 83.02 | 896.62 | -248.18 | -21.68 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 167.90 | 30,185.74 | 19,398.70 | 179.83 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,314.85 | 13,405.12 | 9,000.81 | 204.36 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 377.85 | 28,433.21 | -40,194.79 | -58.57 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 123.10 | 8,666.24 | -47,653.75 | -84.61 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,185.80 | 19,071.14 | 12,187.65 | 177.06 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 3,686.95 | 1,10,923.80 | 74,439.78 | 204.03 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 292.75 | 4,058.44 | 2,810.76 | 225.28 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 190.95 | 3,337.81 | 104.01 | 3.22 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 124.95 | 1,047.81 | -2,935.46 | -73.69 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,254.45 | 19,239.76 | 18,232.73 | 1810.55 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 407.30 | 1,856.51 | 1,309.54 | 239.42 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 260.85 | 47,776.32 | 44,296.35 | 1272.89 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 511.75 | 7,156.31 | 2,681.43 | 59.92 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,264.10 | 38,736.71 | 36,255.89 | 1461.45 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 91.80 | 1,03,609.49 | 74,264.75 | 253.08 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 263.55 | 6,161.40 | 3,963.82 | 180.37 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 734.75 | 4,48,463.68 | -1,30,770.12 | -22.58 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 114.90 | 23,161.81 | 16,711.17 | 259.06 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 97.33 | 82,018.29 | -4,772.91 | -5.5 |
| TOTAL | 12,04,150.62 | 18,07,400.81 | 6,03,250.20 | 50.10 |
(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. 6,03,250.20 crore or 50.10% in these 30 IPOs as on 02.04.2026