Another BIG DEVELOPMENT at LIC ahead of MASSIVE IPO! Mini Ipe takes charge as Managing Director of insurance behemoth - Top things to know about here

Amid state-run insurer Life Insurance Corporation of India’s (LIC) plans to launch a mega Initial Public Offering (IPO), Mini Ipe has taken charge as a Managing Director (MD) of the company. Before taking the charge as an MD, Ipey served as the Executive Director in the legal department of LIC. 

She was appointed as the MD through a Government of India Gazette Notification of 5 July 2021.   

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Ipe is a post-graduate in the commerce stream from Andhra University. She joined LIC in 1986 as a Direct Recruit Officer.  

Ipe has a distinction of being the first ever female zonal manager (In-charge) of the LIC and has headed SCZO, Hyderabad.  

The MD has also worked as Executive Director (International Operations), Director and Chief Executive Officer of LICHFL Financial Services and also helped in the growth of the business revenue and profits of LICHFL Financial Services during her tenure. 

LIC IPO - Recently, the Department of Investment and Public Asset Management (DIPAM) Secretary’s official Twitter handle tweeted about issuance of Request For Proposal (RFP) for selecting the Book Running Lead Managers for the public issue of LIC. Tuhin Kanta Pandey is DIPAM Secretary.    

LIC's initial public offering (IPO) has been one of the most discussed offering for the past several months. It is also being called Mega IPO.   

Zee Business had previously reported that the government would be inviting bids from merchant bankers this month for managing LIC disinvestment as it moves ahead with plans to launch the IPO by January.  

The DIPAM had in January appointed actuarial firm Milliman Advisors LLP India to assess the embedded value of LIC ahead of the IPO, which is touted to be the biggest public issue in Indian corporate history.  

This report said that the Budget amendments to the LIC Act have been notified and the actuarial firm would work out the embedded value of the life insurer in the next couple of weeks.     

Under the embedded value method, insurance companies' present value of future profit is also included in its present net asset value (NAV).  

Up to 10 per cent of the LIC IPO issue size would be reserved for policyholders.  

The LIC Amendment Act has been made part of the Finance Act, thereby bringing the required legislative amendment for launching IPO of the country's largest life insurer.  

Deloitte and SBI Caps have been appointed as pre-IPO transaction advisors.  

The listing of LIC will be crucial for the government to meet its disinvestment target. The government aims to mop up Rs 1.75 lakh crore in the current fiscal from minority stake sale and privatisation.  

Of the Rs 1.75 lakh crore, Rs 1 lakh crore is to come from selling government stake in public sector banks and financial institutions and Rs 75,000 crore would come as CPSE disinvestment receipts.