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 25.08.2025 (Rs.) | VALUE OF GOVT. HOLDING AS ON 25.08.2025 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 337.85 | 2,49,320.95 | 2,03,567.22 | 444.92 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 399.20 | 41,135.56 | 32,376.73 | 369.65 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 284.15 | 1,03,285.92 | 84,384.43 | 446.44 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 375.10 | 26,352.28 | 18,975.61 | 257.24 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 79.58 | 84,540.77 | 46,296.64 | 121.06 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 408.95 | 7,712.78 | -12,090.17 | -61.05 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 99.34 | 36,970.64 | 27,294.41 | 282.08 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 380.00 | 2,16,019.64 | 76,743.76 | 55.1 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 330.25 | 4,438.56 | -601.44 | -11.93 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 28.86 | 528.30 | -1,668.37 | -75.95 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 104.15 | 1,124.82 | -19.98 | -1.75 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 213.00 | 38,294.00 | 27,506.96 | 255 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,683.30 | 17,161.53 | 12,757.22 | 289.65 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 379.10 | 28,527.28 | -40,100.72 | -58.43 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 193.65 | 13,632.96 | -42,687.03 | -75.79 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,520.70 | 24,457.31 | 17,573.82 | 255.3 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,457.00 | 1,34,091.15 | 97,607.13 | 267.53 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 390.70 | 5,416.34 | 4,168.66 | 334.11 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 252.05 | 4,405.83 | 1,172.03 | 36.24 |
| 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 | 2,518.45 | 21,492.76 | 20,485.73 | 2034.28 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 444.40 | 2,025.61 | 1,478.64 | 270.33 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 321.60 | 58,903.06 | 55,423.09 | 1592.63 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 721.90 | 10,095.05 | 5,620.17 | 125.59 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,756.20 | 47,156.10 | 44,675.28 | 1800.83 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 124.35 | 1,40,346.84 | 1,11,002.10 | 378.27 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 353.05 | 8,253.78 | 6,056.20 | 275.59 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 894.15 | 5,45,755.43 | -33,478.37 | -5.78 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 147.75 | 29,783.79 | 23,333.15 | 361.72 |
| TOTAL | 11,17,359.42 | 19,02,648.76 | 7,85,289.35 | 70.28 |
(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. 7,85,289.35 crore or 70.28% in these 29 IPOs as on 25.08.2025