India saw the mid-time line to launch the Mega’s first public offering from its biggest insurance company in the hope that the market volatility triggered by the Russian invasion to Ukraine would subside, according to people who were familiar with this problem.

The embedded value of life insurance published by the Corp will apply to IPO until May according to the rules, said people, who refused to be mentioned as that information. The delay outside it means that Lis must have to recalculate embedded value, the main assessment measure for insurance companies, based on the latest finance, they said.

The IPO, which will be launched before the end of March, formed an important part of the government’s plan of Prime Minister Narendra Modi to release state assets to fund a yawning budget deficit. With a market swing triggered by war, what could be the biggest IPO in the country was postponed to the next financial year, Bloomberg News reported earlier this month.

The market volatility index for India is around 15 will be a convenient level for the government to launch IPO, one of the people said. The Indian NSE volatility index is around 26 in Mumbai on Monday, higher than an average of 17.9 last year. It touched the highest level of this fiscal year at 31.98 on February 24.

Ministry of Finance spokesman could not be contacted immediately for comments.

The government has tried to collect as much as Rs 65,400 Crore ($ 8.5 billion) from the sale of 5% of the shares in the insurance company. The plan for the IPO was first announced by Finance Minister Nirmala Sitharaman in February 2020, but was suspended because of a pandemic.