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 19.12.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 19.12.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 319.90 | 2,36,074.50 | 1,90,320.77 | 415.97 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 338.80 | 34,911.65 | 26,152.82 | 298.59 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 263.55 | 95,798.01 | 76,896.52 | 406.83 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 339.05 | 23,819.62 | 16,442.95 | 222.9 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 76.56 | 81,332.51 | 43,088.38 | 112.67 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 404.95 | 7,637.34 | -12,165.61 | -61.43 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 72.84 | 27,108.33 | 17,432.10 | 180.15 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 385.65 | 2,19,231.51 | 79,955.63 | 57.41 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 323.05 | 4,341.79 | -698.21 | -13.85 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 26.34 | 482.17 | -1,714.50 | -78.05 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 113.60 | 1,226.88 | 82.08 | 7.17 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 211.50 | 38,024.33 | 27,237.29 | 252.5 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,547.95 | 15,781.61 | 11,377.30 | 258.32 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 365.50 | 27,503.88 | -41,124.12 | -59.92 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 155.90 | 10,975.36 | -45,344.63 | -80.51 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,372.10 | 22,067.39 | 15,183.90 | 220.58 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,304.75 | 1,29,510.63 | 93,026.61 | 254.98 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 296.75 | 4,113.89 | 2,866.21 | 229.72 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 226.35 | 3,956.60 | 722.80 | 22.35 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 153.05 | 1,283.45 | -2,699.82 | -67.78 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,298.30 | 19,613.98 | 18,606.95 | 1847.71 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 466.55 | 2,126.57 | 1,579.60 | 288.79 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 319.10 | 58,445.17 | 54,965.20 | 1579.47 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 674.40 | 9,430.81 | 4,955.93 | 110.75 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,409.65 | 41,226.94 | 38,746.12 | 1561.83 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 113.90 | 1,28,552.52 | 99,207.78 | 338.08 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 333.00 | 7,785.04 | 5,587.46 | 254.26 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 852.50 | 5,20,333.84 | -58,899.96 | -10.17 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 133.15 | 26,840.69 | 20,390.05 | 316.09 |
| TOTAL | 11,17,359.42 | 17,99,537.01 | 6,82,177.60 | 61.05 |
(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. 6,82,177.60 crore or 61.05% in these 29 IPOs as on 19.12.2025