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 29.04.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 29.04.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 357.25 | 2,63,637.44 | 2,17,883.71 | 476.21 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 413.40 | 42,598.80 | 33,839.97 | 386.35 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 303.25 | 1,10,228.60 | 91,327.11 | 483.17 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 430.35 | 30,233.81 | 22,857.14 | 309.86 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 86.54 | 91,934.63 | 53,690.50 | 140.39 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 404.10 | 7,621.31 | -12,181.64 | -61.51 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 96.77 | 36,014.18 | 26,337.95 | 272.19 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 388.95 | 2,21,107.47 | 81,831.58 | 58.76 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 323.85 | 4,352.54 | -687.46 | -13.64 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 30.25 | 553.74 | -1,642.93 | -74.79 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 97.31 | 1,050.95 | -93.85 | -8.2 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 227.10 | 40,828.96 | 30,041.92 | 278.5 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,652.85 | 16,851.09 | 12,446.78 | 282.6 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 433.10 | 32,590.78 | -36,037.22 | -52.51 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 171.15 | 12,048.96 | -44,271.03 | -78.61 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,535.45 | 24,694.53 | 17,811.04 | 258.75 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,609.45 | 1,38,677.69 | 1,02,193.67 | 280.11 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 320.90 | 4,448.69 | 3,201.01 | 256.56 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 231.60 | 4,048.37 | 814.57 | 25.19 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 157.25 | 1,318.67 | -2,664.60 | -66.89 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 1,957.35 | 16,704.27 | 15,697.24 | 1558.77 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 533.30 | 2,430.82 | 1,883.85 | 344.42 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 360.25 | 65,982.05 | 62,502.08 | 1796.05 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 762.55 | 10,663.50 | 6,188.62 | 138.3 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 3,027.65 | 51,800.36 | 49,319.54 | 1988.03 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 126.90 | 1,43,224.89 | 1,13,880.15 | 388.08 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 304.15 | 7,110.57 | 4,912.99 | 223.56 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 800.40 | 4,88,533.97 | -90,699.83 | -15.66 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 168.10 | 33,885.99 | 27,435.35 | 425.31 |
| TOTAL | 11,17,359.42 | 19,05,177.63 | 7,87,818.21 | 70.51 |
(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. 7,87,818.21 crore or 70.51% in these 29 IPOs as on 29.04.2025