LIC IPO set to be delayed to next fiscal year

The mega initial public offering of Life Insurance Corporation of India is set to be delayed into the next financial year amid market swings triggered by Russia’s invasion of Ukraine, people with knowledge of the matter said.

Bankers and officials are preparing to shift the listing of the state-run insurer to after the current fiscal year, which ends in March, the people said, asking not to be identified because the matter isn’t public. A formal announcement could be expected this week or next, they added, with one person saying the sale may happen as soon as April if market volatility eases.

LIC’s underwriters have seen muted interest during early meetings with potential anchor investors, according to the people. Many fund managers have been wary of making major commitments amid the market volatility, the people said.