On Tuesday, Union finance minister Nirmala Sitharaman said the government would go ahead with the planned initial public offering (IPO) of Life Insurance Corp. of India (LIC), even as Russian forces massing near Ukraine’s borders throw global markets into turmoil.

“There is a buzz in the market, and there is interest for LIC IPO. We are going ahead with it,” Sitharaman said at a press conference. “We are equally worried if the market situation is conducive,” she added.

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The draft red herring prospectus (DRHP) of LIC IPO was filed with the Securities and Exchange Board of India (Sebi) earlier this month, with the government planning to sell up to 316.25 million shares or nearly 5 per cent stake in the life insurance giant.