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 27.05.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 27.05.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 398.15 | 2,93,820.14 | 2,48,066.41 | 542.18 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 433.55 | 44,675.16 | 35,916.33 | 410.06 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 300.15 | 1,09,101.77 | 90,200.28 | 477.21 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 339.60 | 23,858.26 | 16,481.59 | 223.43 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 80.73 | 85,762.46 | 47,518.33 | 124.25 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 487.95 | 9,202.72 | -10,600.23 | -53.53 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 75.49 | 28,094.56 | 18,418.33 | 190.35 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 462.90 | 2,63,146.03 | 1,23,870.15 | 88.94 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 303.00 | 4,072.32 | -967.68 | -19.2 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 24.27 | 444.28 | -1,752.39 | -79.77 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 99.05 | 1,069.74 | -75.06 | -6.56 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 206.30 | 37,089.45 | 26,302.41 | 243.83 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,524.50 | 15,542.54 | 11,138.23 | 252.89 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 390.95 | 29,418.99 | -39,209.01 | -57.13 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 160.75 | 11,316.80 | -45,003.19 | -79.91 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,283.40 | 20,640.83 | 13,757.34 | 199.86 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,414.55 | 1,32,814.02 | 96,330.00 | 264.03 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 416.05 | 5,767.77 | 4,520.09 | 362.28 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 206.05 | 3,601.75 | 367.95 | 11.38 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 139.65 | 1,171.08 | -2,812.19 | -70.6 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,651.30 | 22,626.52 | 21,619.49 | 2146.86 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 439.05 | 2,001.23 | 1,454.26 | 265.88 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 252.20 | 46,192.01 | 42,712.04 | 1227.37 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 523.25 | 7,317.13 | 2,842.25 | 63.52 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,455.05 | 42,003.69 | 39,522.87 | 1593.14 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 99.20 | 1,11,961.46 | 82,616.72 | 281.54 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 324.65 | 7,589.83 | 5,392.25 | 245.37 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 829.90 | 5,06,539.65 | -72,694.15 | -12.55 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 130.20 | 26,246.02 | 19,795.38 | 306.87 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 104.30 | 87,891.78 | 1,100.58 | 1.27 |
| TOTAL | 12,04,150.62 | 19,80,979.99 | 7,76,829.38 | 64.51 |
(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. 7,76,829.38 crore or 64.51% in these 30 IPOs as on 27.05.2026