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 09.04.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 09.04.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 378.45 | 2,79,282.26 | 2,33,528.53 | 510.4 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 427.95 | 44,098.11 | 35,339.28 | 403.47 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 298.15 | 1,08,374.79 | 89,473.30 | 473.37 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 346.80 | 24,364.09 | 16,987.42 | 230.29 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 77.10 | 81,906.17 | 43,662.04 | 114.17 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 470.85 | 8,880.21 | -10,922.74 | -55.16 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 70.69 | 26,308.18 | 16,631.95 | 171.88 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 454.20 | 2,58,200.32 | 1,18,924.43 | 85.39 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 300.55 | 4,039.39 | -1,000.61 | -19.85 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 24.14 | 441.90 | -1,754.77 | -79.88 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 87.84 | 948.67 | -196.13 | -17.13 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 181.95 | 32,711.71 | 21,924.67 | 203.25 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,424.15 | 14,519.45 | 10,115.14 | 229.66 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 388.45 | 29,230.86 | -39,397.14 | -57.41 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 130.15 | 9,162.56 | -47,157.43 | -83.73 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,326.50 | 21,334.01 | 14,450.52 | 209.93 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,032.60 | 1,21,322.86 | 84,838.84 | 232.54 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 319.80 | 4,433.44 | 3,185.76 | 255.33 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 205.40 | 3,590.39 | 356.59 | 11.03 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 133.45 | 1,119.09 | -2,864.18 | -71.91 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,525.30 | 21,551.22 | 20,544.19 | 2040.08 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 418.55 | 1,907.78 | 1,360.81 | 248.79 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 272.80 | 49,965.03 | 46,485.06 | 1335.79 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 531.35 | 7,430.40 | 2,955.52 | 66.05 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,435.70 | 41,672.63 | 39,191.81 | 1579.79 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 98.49 | 1,11,160.12 | 81,815.38 | 278.81 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 282.35 | 6,600.92 | 4,403.34 | 200.37 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 793.60 | 4,84,383.50 | -94,850.30 | -16.38 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 123.10 | 24,814.79 | 18,364.15 | 284.69 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 96.28 | 81,133.47 | -5,657.73 | -6.52 |
| TOTAL | 12,04,150.62 | 19,04,888.32 | 7,00,737.70 | 58.19 |
(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. 7,00,737.70 crore or 58.19% in these 30 IPOs as on 09.04.2026