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 03.11.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 03.11.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 335.20 | 2,47,365.35 | 2,01,611.62 | 440.65 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 403.35 | 41,563.20 | 32,804.37 | 374.53 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 288.00 | 1,04,685.36 | 85,783.87 | 453.85 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 379.40 | 26,654.37 | 19,277.70 | 261.33 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 85.37 | 90,691.70 | 52,447.57 | 137.14 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 436.95 | 8,240.86 | -11,562.09 | -58.39 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 87.98 | 32,742.87 | 23,066.64 | 238.38 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 388.55 | 2,20,880.08 | 81,604.19 | 58.59 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 370.05 | 4,973.47 | -66.53 | -1.32 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 31.84 | 582.85 | -1,613.82 | -73.47 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 117.55 | 1,269.54 | 124.74 | 10.9 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 237.25 | 42,653.77 | 31,866.73 | 295.42 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,786.50 | 18,213.67 | 13,809.36 | 313.54 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 379.40 | 28,549.85 | -40,078.15 | -58.4 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 183.05 | 12,886.72 | -43,433.27 | -77.12 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,536.25 | 24,707.40 | 17,823.91 | 258.94 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,693.90 | 1,41,218.41 | 1,04,734.39 | 287.07 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 391.65 | 5,429.51 | 4,181.83 | 335.17 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 247.85 | 4,332.42 | 1,098.62 | 33.97 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 169.30 | 1,419.72 | -2,563.55 | -64.36 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,574.50 | 21,971.10 | 20,964.07 | 2081.78 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 553.70 | 2,523.81 | 1,976.84 | 361.42 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 328.85 | 60,230.94 | 56,750.97 | 1630.79 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 723.30 | 10,114.63 | 5,639.75 | 126.03 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,748.85 | 47,030.34 | 44,549.52 | 1795.76 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 123.10 | 1,38,936.04 | 1,09,591.30 | 373.46 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 369.95 | 8,648.88 | 6,451.30 | 293.56 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 919.95 | 5,61,502.78 | -17,731.02 | -3.06 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 153.25 | 30,892.50 | 24,441.86 | 378.91 |
| TOTAL | 11,17,359.42 | 19,40,912.14 | 8,23,552.72 | 73.71 |
(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. 8,23,552.72 crore or 73.71% in these 29 IPOs as on 03.11.2025