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 11.09.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 11.09.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 333.30 | 2,45,963.21 | 2,00,209.48 | 437.58 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 353.25 | 36,400.65 | 27,641.82 | 315.59 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 269.10 | 97,815.38 | 78,913.89 | 417.5 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 312.90 | 21,982.48 | 14,605.81 | 198 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 76.30 | 81,056.30 | 42,812.17 | 111.94 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 488.25 | 9,208.37 | -10,594.58 | -53.5 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 66.16 | 24,622.28 | 14,946.05 | 154.46 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 425.60 | 2,41,942.00 | 1,02,666.11 | 73.71 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 245.15 | 3,294.82 | -1,745.18 | -34.63 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 22.78 | 417.00 | -1,779.67 | -81.02 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 83.05 | 896.94 | -247.86 | -21.65 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 172.70 | 31,048.71 | 20,261.67 | 187.83 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,381.50 | 14,084.63 | 9,680.32 | 219.79 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 349.55 | 26,303.64 | -42,324.36 | -61.67 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 198.15 | 13,949.76 | -42,370.23 | -75.23 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,190.50 | 19,146.73 | 12,263.24 | 178.15 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,898.75 | 1,47,381.43 | 1,10,897.41 | 303.96 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 447.80 | 6,207.92 | 4,960.24 | 397.56 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 209.10 | 3,655.07 | 421.27 | 13.03 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 113.20 | 949.28 | -3,033.99 | -76.17 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,425.50 | 20,699.52 | 19,692.49 | 1955.51 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 738.05 | 3,364.09 | 2,817.12 | 515.04 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 205.00 | 37,547.04 | 34,067.07 | 978.95 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 462.90 | 6,473.19 | 1,998.31 | 44.66 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,335.50 | 39,958.30 | 37,477.48 | 1510.69 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 81.07 | 91,499.14 | 62,154.40 | 211.81 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 259.85 | 6,074.90 | 3,877.32 | 176.44 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 403.70 | 2,46,403.25 | -3,32,830.55 | -57.46 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 111.75 | 22,526.83 | 16,076.19 | 249.22 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 86.90 | 73,229.11 | -13,562.09 | -15.63 |
| TOTAL | 12,04,150.62 | 15,74,101.97 | 3,69,951.35 | 30.72 |
(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. 3,69,951.35 crore or 30.72% in these 30 IPOs as on 11.09.2026