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 17.09.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 17.09.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 336.40 | 2,48,250.90 | 2,02,497.17 | 442.58 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 404.90 | 41,722.92 | 32,964.09 | 376.35 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 287.15 | 1,04,376.39 | 85,474.90 | 452.21 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 384.30 | 26,998.61 | 19,621.94 | 266 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 87.18 | 92,614.53 | 54,370.40 | 142.17 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 403.75 | 7,614.71 | -12,188.24 | -61.55 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 94.40 | 35,132.15 | 25,455.92 | 263.08 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 399.60 | 2,27,161.71 | 87,885.82 | 63.1 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 354.05 | 4,758.43 | -281.57 | -5.59 |
| 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 | 109.95 | 1,187.46 | 42.66 | 3.73 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 224.80 | 40,415.46 | 29,628.42 | 274.67 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,889.90 | 19,267.85 | 14,863.54 | 337.48 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 365.95 | 27,537.74 | -41,090.26 | -59.87 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 192.80 | 13,573.12 | -42,746.87 | -75.9 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,623.70 | 26,113.85 | 19,230.36 | 279.37 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,890.50 | 1,47,133.23 | 1,10,649.21 | 303.28 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 412.70 | 5,721.33 | 4,473.65 | 358.56 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 272.85 | 4,769.42 | 1,535.62 | 47.49 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 187.00 | 1,568.15 | -2,415.12 | -60.63 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,604.05 | 22,223.29 | 21,216.26 | 2106.82 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 534.35 | 2,435.61 | 1,888.64 | 345.29 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 360.70 | 66,064.47 | 62,584.50 | 1798.42 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 730.85 | 10,220.21 | 5,745.33 | 128.39 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,997.05 | 51,276.82 | 48,796.00 | 1966.93 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 129.35 | 1,45,990.06 | 1,16,645.32 | 397.5 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 400.65 | 9,366.60 | 7,169.02 | 326.22 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 885.15 | 5,40,262.17 | -38,971.63 | -6.73 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 154.00 | 31,043.68 | 24,593.04 | 381.25 |
| TOTAL | 11,17,359.42 | 19,55,354.61 | 8,37,995.19 | 75.00 |
(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. 8,37,995.19 crore or 75.00% in these 29 IPOs as on 17.09.2025