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 16.01.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 16.01.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 325.60 | 2,40,280.90 | 1,94,527.17 | 425.16 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 435.10 | 44,834.88 | 36,076.05 | 411.88 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 297.65 | 1,08,193.05 | 89,291.56 | 472.4 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 485.05 | 34,076.70 | 26,700.03 | 361.95 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 78.79 | 83,701.52 | 45,457.39 | 118.86 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 470.60 | 8,875.50 | -10,927.45 | -55.18 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 97.20 | 36,174.21 | 26,497.98 | 273.85 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 379.20 | 2,15,564.86 | 76,288.97 | 54.78 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 357.40 | 4,803.46 | -236.54 | -4.69 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 49.46 | 905.39 | -1,291.28 | -58.78 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 87.82 | 948.46 | -196.34 | -17.15 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 224.95 | 40,442.42 | 29,655.38 | 274.92 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,446.30 | 14,745.27 | 10,340.96 | 234.79 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 430.55 | 32,398.89 | -36,229.11 | -52.79 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 191.65 | 13,492.16 | -42,827.83 | -76.04 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,201.10 | 19,317.21 | 12,433.72 | 180.63 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 3,918.50 | 1,17,890.10 | 81,406.08 | 223.13 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 322.95 | 4,477.11 | 3,229.43 | 258.83 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 270.45 | 4,727.47 | 1,493.67 | 46.19 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 220.40 | 1,848.24 | -2,135.03 | -53.6 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 1,448.20 | 12,359.12 | 11,352.09 | 1127.29 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 622.60 | 2,837.86 | 2,290.89 | 418.83 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 411.00 | 75,277.23 | 71,797.26 | 2063.16 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 763.10 | 10,671.19 | 6,196.31 | 138.47 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,248.50 | 38,469.81 | 35,988.99 | 1450.69 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 143.00 | 1,61,396.05 | 1,32,051.31 | 450 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 412.45 | 9,642.46 | 7,444.88 | 338.78 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 844.35 | 5,15,359.39 | -63,874.41 | -11.03 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 204.25 | 41,173.20 | 34,722.56 | 538.28 |
| TOTAL | 11,17,359.42 | 18,94,884.11 | 7,77,524.69 | 69.59 |
(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. 7,77,524.69 crore or 69.59% in these 29 IPOs as on 16.01.2025