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 02.01.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 02.01.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 352.00 | 2,59,763.13 | 2,14,009.40 | 467.74 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 375.90 | 38,734.62 | 29,975.79 | 342.24 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 271.05 | 98,524.19 | 79,622.70 | 421.25 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 380.85 | 26,756.24 | 19,379.57 | 262.71 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 83.62 | 88,832.61 | 50,588.48 | 132.28 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 429.00 | 8,090.92 | -11,712.03 | -59.14 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 82.98 | 30,882.06 | 21,205.83 | 219.15 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 427.90 | 2,43,249.48 | 1,03,973.60 | 74.65 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 375.15 | 5,042.02 | 2.02 | 0.04 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 29.37 | 537.64 | -1,659.03 | -75.52 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 122.65 | 1,324.62 | 179.82 | 15.71 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 231.40 | 41,602.03 | 30,814.99 | 285.67 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,628.45 | 16,602.32 | 12,198.01 | 276.96 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 379.60 | 28,564.90 | -40,063.10 | -58.38 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 157.00 | 11,052.80 | -45,267.19 | -80.37 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,494.60 | 24,037.55 | 17,154.06 | 249.21 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,417.20 | 1,32,893.75 | 96,409.73 | 264.25 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 356.40 | 4,940.83 | 3,693.15 | 296 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 245.95 | 4,299.21 | 1,065.41 | 32.95 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 178.75 | 1,498.97 | -2,484.30 | -62.37 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,435.25 | 20,782.73 | 19,775.70 | 1963.77 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 528.60 | 2,409.40 | 1,862.43 | 340.5 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 365.85 | 67,007.73 | 63,527.76 | 1825.53 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 694.75 | 9,715.38 | 5,240.50 | 117.11 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,494.80 | 42,683.78 | 40,202.96 | 1620.55 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 128.45 | 1,44,974.28 | 1,15,629.54 | 394.04 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 376.20 | 8,794.99 | 6,597.41 | 300.21 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 861.25 | 5,25,674.51 | -53,559.29 | -9.25 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 146.75 | 29,582.21 | 23,131.57 | 358.59 |
| TOTAL | 11,17,359.42 | 19,18,854.90 | 8,01,495.49 | 71.73 |
(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. 8,01,495.49 crore or 71.73% in these 29 IPOs as on 02.01.2026