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 17.06.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 17.06.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 355.40 | 2,62,272.21 | 2,16,518.48 | 473.23 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 432.35 | 44,551.51 | 35,792.68 | 408.65 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 286.35 | 1,04,085.60 | 85,184.11 | 450.67 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 359.05 | 25,224.70 | 17,848.03 | 241.95 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 74.44 | 79,080.36 | 40,836.23 | 106.78 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 417.00 | 7,864.60 | -11,938.35 | -60.29 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 73.89 | 27,499.10 | 17,822.87 | 184.19 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 455.55 | 2,58,967.75 | 1,19,691.86 | 85.94 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 296.35 | 3,982.94 | -1,057.06 | -20.97 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 25.46 | 466.06 | -1,730.61 | -78.78 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 112.85 | 1,218.78 | 73.98 | 6.46 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 213.60 | 38,401.87 | 27,614.83 | 256 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,501.05 | 15,303.46 | 10,899.15 | 247.47 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 353.50 | 26,600.88 | -42,027.12 | -61.24 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 165.00 | 11,616.00 | -44,703.99 | -79.37 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,310.30 | 21,073.46 | 14,189.97 | 206.14 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,460.35 | 1,34,191.94 | 97,707.92 | 267.81 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 448.70 | 6,220.40 | 4,972.72 | 398.56 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 212.10 | 3,707.51 | 473.71 | 14.65 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 140.70 | 1,179.89 | -2,803.38 | -70.38 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,817.30 | 24,043.19 | 23,036.16 | 2287.54 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 687.95 | 3,135.73 | 2,588.76 | 473.29 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 245.25 | 44,919.08 | 41,439.11 | 1190.79 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 520.00 | 7,271.68 | 2,796.80 | 62.5 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,551.60 | 43,655.58 | 41,174.76 | 1659.72 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 100.43 | 1,13,349.69 | 84,004.95 | 286.27 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 323.90 | 7,572.30 | 5,374.72 | 244.57 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 418.15 | 2,55,222.99 | -3,24,010.81 | -55.94 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 126.50 | 25,500.17 | 19,049.53 | 295.31 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 97.00 | 81,740.20 | -5,051.00 | -5.82 |
| TOTAL | 12,04,150.62 | 16,79,919.63 | 4,75,769.01 | 39.51 |
(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. 4,75,769.01 crore or 39.51% in these 30 IPOs as on 17.06.2026