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 25.08.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 25.08.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 339.90 | 2,50,833.77 | 2,05,080.04 | 448.23 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 366.40 | 37,755.69 | 28,996.86 | 331.06 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 270.00 | 98,142.53 | 79,241.04 | 419.23 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 326.80 | 22,959.01 | 15,582.34 | 211.24 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 76.55 | 81,321.89 | 43,077.76 | 112.64 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 469.00 | 8,845.32 | -10,957.63 | -55.33 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 65.83 | 24,499.47 | 14,823.24 | 153.19 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 403.45 | 2,29,350.33 | 90,074.44 | 64.67 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 254.45 | 3,419.81 | -1,620.19 | -32.15 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 23.33 | 427.07 | -1,769.60 | -80.56 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 89.30 | 964.44 | -180.36 | -15.75 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 186.20 | 33,475.79 | 22,688.75 | 210.33 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,516.00 | 15,455.88 | 11,051.57 | 250.93 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 351.60 | 26,457.90 | -42,170.10 | -61.45 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 187.10 | 13,171.84 | -43,148.15 | -76.61 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,359.00 | 21,856.70 | 14,973.21 | 217.52 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,890.00 | 1,47,118.18 | 1,10,634.16 | 303.24 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 414.60 | 5,747.67 | 4,499.99 | 360.67 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 217.65 | 3,804.52 | 570.72 | 17.65 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 123.35 | 1,034.39 | -2,948.88 | -74.03 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,609.35 | 22,268.52 | 21,261.49 | 2111.31 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 727.50 | 3,316.00 | 2,769.03 | 506.25 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 218.40 | 40,001.33 | 36,521.36 | 1049.47 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 482.60 | 6,748.68 | 2,273.80 | 50.81 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,602.00 | 44,517.87 | 42,037.05 | 1694.48 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 85.31 | 96,284.59 | 66,939.85 | 228.12 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 279.90 | 6,543.64 | 4,346.06 | 197.77 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 422.10 | 2,57,633.92 | -3,21,599.88 | -55.52 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 120.00 | 24,189.88 | 17,739.24 | 275 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 91.63 | 77,215.00 | -9,576.20 | -11.03 |
| TOTAL | 12,04,150.62 | 16,05,361.63 | 4,01,211.01 | 33.32 |
(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. 4,01,211.01 crore or 33.32% in these 30 IPOs as on 25.08.2026