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 01.10.2026 (Rs.) | VALUE OF GOVT. HOLDING AS ON 01.10.2026 (Rs. crore) | GAIN/ LOSS (Rs. crore) |
% GAIN/ LOSS |
| NTPC LTD. | Oct-2004 | 89.50 | 737.96 | 62.00 | 45,753.73 | 316.70 | 2,33,713.02 | 1,87,959.29 | 410.81 |
| POWER FINANCE CORP.LTD. | Jan-2007 | 89.78 | 103.05 | 85.00 | 8,758.83 | 318.00 | 32,768.31 | 24,009.48 | 274.12 |
| POWER GRID CORP.OF INDIA LTD. | Sep-2007 | 86.36 | 363.49 | 52.00 | 18,901.49 | 254.65 | 92,562.94 | 73,661.45 | 389.71 |
| REC LTD. | Feb-2008 | 81.82 | 70.25 | 105.00 | 7,376.67 | 289.10 | 20,310.43 | 12,933.76 | 175.33 |
| NHPC LTD. | Aug-2009 | 86.36 | 1,062.34 | 36.00 | 38,244.13 | 71.94 | 76,424.51 | 38,180.38 | 99.83 |
| OIL INDIA LTD. | Sep-2009 | 78.43 | 18.86 | 1,050.00 | 19,802.95 | 442.15 | 8,338.93 | -11,464.02 | -57.89 |
| SJVN LTD. | Apr-2010 | 89.97 | 372.16 | 26.00 | 9,676.23 | 57.91 | 21,551.94 | 11,875.71 | 122.73 |
| COAL INDIA LTD. | Oct-2010 | 89.99 | 568.47 | 245.00 | 1,39,275.89 | 421.50 | 2,39,611.26 | 1,00,335.38 | 72.04 |
| MOIL LTD. | Nov-2010 | 80.00 | 13.44 | 375.00 | 5,040.00 | 232.25 | 3,121.44 | -1,918.56 | -38.07 |
| PUNJAB & SIND BANK | Dec-2010 | 82.07 | 18.31 | 120.00 | 2,196.67 | 20.98 | 384.05 | -1,812.62 | -82.52 |
| NBCC (INDIA) LTD. | Mar-2012 | 90.00 | 10.80 | 106.00 | 1,144.80 | 77.75 | 839.70 | -305.10 | -26.65 |
| HOUSING & URBAN DEVELOPMENT CORP.LTD. | May-2017 | 89.81 | 179.78 | 60.00 | 10,787.04 | 161.10 | 28,963.21 | 18,176.17 | 168.5 |
| COCHIN SHIPYARD LTD. | Aug-2017 | 75.00 | 10.20 | 432.00 | 4,404.31 | 1,288.45 | 13,135.97 | 8,731.66 | 198.25 |
| GENERAL INSURANCE CORP.OF INDIA | Oct-2017 | 85.78 | 75.25 | 912.00 | 68,628.00 | 323.25 | 24,324.56 | -44,303.44 | -64.56 |
| NEW INDIA ASSURANCE CO.LTD.,THE | Nov-2017 | 85.44 | 70.40 | 800.00 | 56,319.99 | 160.25 | 11,281.60 | -45,038.39 | -79.97 |
| BHARAT DYNAMICS LTD. | Mar-2018 | 87.75 | 16.08 | 428.00 | 6,883.49 | 1,088.25 | 17,502.25 | 10,618.76 | 154.26 |
| HINDUSTAN AERONAUTICS LTD. | Mar-2018 | 89.97 | 30.09 | 1,215.00 | 36,484.02 | 4,614.95 | 1,38,843.16 | 1,02,359.14 | 280.56 |
| MISHRA DHATU NIGAM LTD. | Mar-2018 | 74.00 | 13.86 | 90.00 | 1,247.68 | 433.20 | 6,005.52 | 4,757.84 | 381.33 |
| RITES LTD. | Jun-2018 | 87.40 | 17.48 | 185.00 | 3,233.80 | 209.70 | 3,665.56 | 431.76 | 13.35 |
| IRCON INTERNATIONAL LTD. | Sep-2018 | 89.16 | 8.39 | 475.00 | 3,983.27 | 110.25 | 924.54 | -3,058.73 | -76.79 |
| GARDEN REACH SHIPBUILDERS & ENGINEERS LTD. | Sep-2018 | 74.50 | 8.53 | 118.00 | 1,007.03 | 2,109.75 | 18,004.87 | 16,997.84 | 1687.92 |
| MSTC LTD. | Mar-2019 | 64.75 | 4.56 | 120.00 | 546.97 | 704.85 | 3,212.76 | 2,665.79 | 487.37 |
| RAIL VIKAS NIGAM LTD. | Mar-2019 | 87.84 | 183.16 | 19.00 | 3,479.97 | 197.00 | 36,081.79 | 32,601.82 | 936.84 |
| INDIAN RAILWAY CATERING & TOURISM CORP.LTD. | Sep-2019 | 87.40 | 13.98 | 320.00 | 4,474.88 | 454.00 | 6,348.74 | 1,873.86 | 41.88 |
| MAZAGON DOCK SHIPBUILDERS LTD. | Sep-2020 | 84.83 | 17.11 | 145.00 | 2,480.82 | 2,068.85 | 35,396.16 | 32,915.34 | 1326.79 |
| INDIAN RAILWAY FINANCE CORP.LTD. | Jan-2021 | 86.36 | 1,128.64 | 26.00 | 29,344.74 | 77.05 | 86,962.00 | 57,617.26 | 196.35 |
| RAILTEL CORP.OF INDIA LTD. | Feb-2021 | 72.84 | 23.38 | 94.00 | 2,197.58 | 257.20 | 6,012.95 | 3,815.37 | 173.62 |
| LIFE INSURANCE CORP.OF INDIA | May-2022 | 96.50 | 610.36 | 949.00 | 5,79,233.80 | 392.20 | 2,39,384.09 | -3,39,849.71 | -58.67 |
| INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. | Nov-2023 | 75.00 | 201.58 | 32.00 | 6,450.64 | 110.80 | 22,335.32 | 15,884.68 | 246.25 |
| NTPC GREEN ENERGY LTD. | Nov-2024 | 89.00 | 842.68 | 103.00 | 86,791.20 | 91.11 | 76,776.80 | -10,014.40 | -11.54 |
| TOTAL | 12,04,150.62 | 15,04,788.38 | 3,00,637.77 | 24.97 |
(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. 3,00,637.77 crore or 24.97% in these 30 IPOs as on 01.10.2026