As many as 15 out of 18 public sector companies listed over the last 8 years have given bumper returns with Mazagon Dock Shipbuilders topping the list by making investors richer by a whopping 3,700 per cent, according to an analysis. The analysis shows that barring insurance companies, all central public sector enterprises (CPSEs), especially from shipping and rail sectors, listed since May 2017 gave positive returns to investors who bought shares in the initial public offering (IPO) and have stayed invested in the company so far.

Besides, Mazagon Dock Shipbuilders, Rail Vikas Nigam Ltd (RVNL), Garden Reach Shipbuilders and Engineers Ltd and Indian Railways Catering and Tourism Corporation (IRCTC) provided over 1,000 per cent returns to IPO investors. Sector wise analysis reveals that Railways and Shipping CPSEs have outperformed CPSEs in other sectors.

Mazagon Dock, which listed on bourses in 2020 at an issue price of Rs 145, was trading at Rs 5,510.2 a share on April 22, 2025, despite a stock split in December 2024.

Garden Reach Shipbuilders listed on bourses in 2018 at an issue price of Rs 118. The shares are currently trading at Rs 1,733.9 apiece, thus giving a 1,369 per cent returns to investors.

Cochin Shipyard, which listed in 2017, has given returns of 590 per cent with share price rising to Rs 2,979.7 from the IPO issue price of Rs 432. This return is despite a stock split.

Among Railways CPSEs, RVNL gave returns of 1,866 per cent, rising from 2019 IPO issue price of Rs 19 a share to Rs 373.6. Similarly, IRCTC shares jumped 1,110 per cent from Rs 320 in 2019, to Rs 3,872.75 a share. Others like RITES and IRCON International (listed in 2018) gave investors returns of 225 per cent and 243 per cent, respectively, while RailTel listed in 2021 gave returns of 238 per cent. Defence sector CPSEs – Hindustan Aeronautics (HAL), Bharat Dynamics (BDL), and MIDHANI – gave IPO investors returns of 605 per cent, 558 per cent, and 227 per cent, respectively. Indian Renewable Energy Development Agency (IREDA) shares listed in 2023 at an issue price of Rs 32, have jumped 458 per cent to Rs 178.6 apiece.

Housing and Urban Development Corporation (HUDCO) gave investors 288 per cent returns rising from issue price of Rs 60 in 2017 to Rs 233 a share.

MSTC, under the steel ministry, gave 350 per cent returns to investors rising from issue price of Rs 120 a share to Rs 540.25.

The laggards included New India Assurance, Life Insurance Corp, and General Insurance Corporation (GIC). While LIC scrip is trailing the issue price, shares of GIC and New India have given negative returns to investors notwithstanding the 1:1 bonus shares announced by the two general insurance companies in 2018.