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 06.02.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 06.02.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 365.10 | 2,69,430.45 | 2,23,676.72 | 488.87 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 419.20 | 43,196.46 | 34,437.63 | 393.18 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 292.90 | 1,06,466.47 | 87,564.98 | 463.27 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 372.50 | 26,169.62 | 18,792.95 | 254.76 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 79.43 | 84,381.42 | 46,137.29 | 120.64 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 497.30 | 9,379.06 | -10,423.89 | -52.64 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 72.28 | 26,899.92 | 17,223.69 | 178 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 432.90 | 2,46,091.85 | 1,06,815.96 | 76.69 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 312.15 | 4,195.30 | -844.70 | -16.76 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 27.11 | 496.26 | -1,700.41 | -77.41 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 98.28 | 1,061.42 | -83.38 | -7.28 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 192.10 | 34,536.52 | 23,749.48 | 220.17 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,490.00 | 15,190.80 | 10,786.49 | 244.91 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 380.30 | 28,617.58 | -40,010.42 | -58.3 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 149.75 | 10,542.40 | -45,777.59 | -81.28 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,268.85 | 20,406.83 | 13,523.34 | 196.46 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,068.10 | 1,22,390.90 | 85,906.88 | 235.46 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 354.40 | 4,913.10 | 3,665.42 | 293.78 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 223.70 | 3,910.28 | 676.48 | 20.92 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 153.25 | 1,285.13 | -2,698.14 | -67.74 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,401.55 | 20,495.13 | 19,488.10 | 1935.21 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 459.75 | 2,095.58 | 1,548.61 | 283.13 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 314.15 | 57,538.55 | 54,058.58 | 1553.42 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 619.80 | 8,667.28 | 4,192.40 | 93.69 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,402.35 | 41,102.04 | 38,621.22 | 1556.79 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 114.45 | 1,29,173.27 | 99,828.53 | 340.19 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 324.15 | 7,578.14 | 5,380.56 | 244.84 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 901.50 | 5,50,241.59 | -28,992.21 | -5.01 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 128.30 | 25,863.02 | 19,412.38 | 300.94 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 87.04 | 73,347.08 | -13,444.12 | -15.49 |
| TOTAL | 12,04,150.62 | 19,75,663.45 | 7,71,512.83 | 64.07 |
(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. 7,71,512.83 crore or 64.07% in these 30 IPOs as on 06.02.2026