Government on Friday said it does not expect the stock market volatility to affect the schedule of the forthcoming initial public offer of state-run Oil India Ltd and the issue will proceed as per the plans.

"OIL is a solid and stable company. We don't see any change in IPO plans," Petroleum Secretary M S Srinivasan said in New Delhi.

The IPO, estimated to raise up to Rs 1,500 crore (Rs 15 billion), is likely to hit the capital market next month. The comments come on the back of three IPOs being shelved in past few days in the middle of their book building process, including those by realty giant EmaarMGF, Wockhardt Hospital and SVEC Constructions due to weak investor response.

Besides, some of the other IPOs, which were currently in the pipeline, have also been deferred due to turbulent market conditions.

Earlier this week, Power Minister Sushilkumar Shinde had also said that he was concerned about the market conditions and would discuss the issues related to the upcoming IPO of state-run power sector lender REC with the management.

However, the company's top officials have so far been expressing their confidence about the success of the IPO, which is scheduled to open on February 19.

Oil India had filed its draft prospectus with market regulator Sebi for an initial public offering of up to 2.64 crore equity shares to raise up to Rs 1,500 crore (Rs 15 billion).

The issue would constitute 11 per cent of the fully diluted post-issue paid-up capital of the company. JM Financial [Get Quote] Consultants, Morgan Stanley India Company, Citigroup Global Markets and HSBC Securities and Capital Markets are the lead managers to the issue.