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 03.07.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 03.07.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 356.30 | 2,62,936.37 | 2,17,182.64 | 474.68 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 425.75 | 43,871.41 | 35,112.58 | 400.88 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 287.95 | 1,04,667.19 | 85,765.70 | 453.75 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 364.95 | 25,639.20 | 18,262.53 | 247.57 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 80.53 | 85,549.99 | 47,305.86 | 123.69 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 422.40 | 7,966.45 | -11,836.50 | -59.77 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 72.52 | 26,989.24 | 17,313.01 | 178.92 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 438.60 | 2,49,332.14 | 1,10,056.26 | 79.02 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 282.05 | 3,790.75 | -1,249.25 | -24.79 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 24.75 | 453.06 | -1,743.61 | -79.38 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 102.35 | 1,105.38 | -39.42 | -3.44 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 215.50 | 38,743.46 | 27,956.42 | 259.17 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,523.75 | 15,534.89 | 11,130.58 | 252.72 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 360.85 | 27,153.96 | -41,474.04 | -60.43 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 186.05 | 13,097.92 | -43,222.07 | -76.74 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,389.35 | 22,344.82 | 15,461.33 | 224.61 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,428.20 | 1,33,224.69 | 96,740.67 | 265.16 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 427.50 | 5,926.50 | 4,678.82 | 375 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 218.10 | 3,812.39 | 578.59 | 17.89 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 134.15 | 1,124.96 | -2,858.31 | -71.76 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,746.80 | 23,441.53 | 22,434.50 | 2227.8 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 715.70 | 3,262.22 | 2,715.25 | 496.42 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 235.00 | 43,041.73 | 39,561.76 | 1136.84 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 509.85 | 7,129.74 | 2,654.86 | 59.33 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,543.05 | 43,509.29 | 41,028.47 | 1653.83 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 90.55 | 1,02,198.69 | 72,853.95 | 248.27 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 314.65 | 7,356.05 | 5,158.47 | 234.73 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 430.15 | 2,62,547.33 | -3,16,686.47 | -54.67 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 128.55 | 25,913.41 | 19,462.77 | 301.72 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 95.44 | 80,425.62 | -6,365.58 | -7.33 |
| TOTAL | 12,04,150.62 | 16,72,090.38 | 4,67,939.77 | 38.86 |
(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. 4,67,939.77 crore or 38.86% in these 30 IPOs as on 03.07.2026