How An IIT Madras Alumnus’ Gift Could Fetch Rs 112 Crore Windfall To The Institute Through Indo-MIM IPO

One of the most remarkable stories behind the ₹3,811-crore Indo-MIM initial public offering (IPO) is not just about the company or its valuation but how a gift from an alumnus is set to generate nearly ₹112 crore for the Indian Institute of Technology (IIT) Madras.

IIT Madras will partly monetise the stake gifted by the company’s founder, Dr Krishna Chivukula, a 1970 MTech graduate in aeronautical engineering from the institute, as Indo-MIM opens its IPO for subscription on July 23. The deal is expected to unlock huge value for the institute and yet, post the stock market listing of the company, a significant holding will still remain with it.

What Is Its Link Between IIT Madras And Indo-MIM?

In February 2024, Dr Krishna Chivukula, an IIT-M alumnus and founder of Indo-MIM, donated shares worth Rs 46.15 lakh (Rs 4,615,000) or just over 0.95%-1% of Indo-MIM’s stake to his alma mater. The donation is worth Rs 228 crore as per IIT Madras and is the largest donation to the institute and one of the largest donations to an educational institution in India.

As part of the ongoing Indo-MIM IPO, the institute plans to offload 23.08 lakh shares or half of its stake in the firm, in the form of an Offer For Sale (OFS). At the IPO price band of Rs 461-485 per share, selling half of the holdings is expected to generate nearly Rs 112 crore for the institute at the higher end of the band (before expenses and taxes). Significantly, the remaining 23.08 lakh shares will remain with IIT Madras, the valuation of which would be roughly around Rs 112 crore at the higher end of the price band.

Where Will The Money Be Used At IIT Madras?

IIT Madras had announced that the proceeds would be used to support a number of long-term academic initiatives, including:

• International Student Scholarships
• Grants for research excellence
• Fellowships for undergraduates
• Programme for sports scholars
• Evolution of Shaastra magazine
• Krishna Chivukula Block Maintenance
• Other academic and research infrastructure projects

The IPO monetisation turns some of that gifted equity into cash, but it leaves the institute with a stake in the company’s future growth.

Who is Dr. Krishna Chivukula?

Dr Krishna Chivukula is an engineer turned entrepreneur with a career spanning India and the US. He graduated from IIT Bombay in 1968 with a BTech (honours) degree in mechanical engineering and from IIT Madras in 1970 with an MTech degree in aeronautical engineering. Ten years later, in 1980, he received an MBA from Harvard Business School.

Dr Chivukula has managed several engineering companies in the US, gaining vast experience in advanced manufacturing before he established Shiva Technologies in New York.
In 1997 he brought Metal Injection Moulding (MIM) technology to India with the launch of Indo-MIM in Bengaluru.

What started out as a bid to bring a niche manufacturing process has now become a global business. Indo-MIM is now the world’s largest manufacturer of precision-engineered components using MIM technology, according to a Frost & Sullivan report quoted in Indo-MIM’s Red Herring Prospectus (RHP).

Indo-MIM IPO Details

The Indo-MIM IPO is a ₹3,811-crore mainboard issue and consists of:

Besides IIT Madras, Green Meadows Investments and Anuradha Koduri are also selling shares through the Offer for Sale.
The fresh issue proceeds will be used to repay the debt of Rs 400 crore. As of May 2026, Indo-MIM has a total outstanding debt of approximately Rs 1,200 crore.

Why Is The Indo-MIM IPO Getting Attention?

Founded in 1996, the company uses metal injection moulding (MIM) technology to produce precision engineering components for the automotive, defence, aerospace, medical device and consumer-goods sectors. According to the RHP, Indo-MIM has been the world’s largest MIM producer for the past six years and accounted for 6.8% of the global market by revenue in 2025.

The company has 15 manufacturing sites in India, the United States, the United Kingdom and Mexico, exports products to customers in 55 countries and makes over 9,000 product variants.

Indo-MIM reported for FY26:

Revenue: Rs 4,193 crore, up 26% y-o-y
Net profit: Rs 533 crore, up 26% y-o-y

At the upper end of the price band, the company is expected to raise Rs 485 per share, valuing the company at Rs 23,981 crore post the issue (almost Rs 24,000 crore).

An Uncommon IPO Tale Outside of Markets

Indo-MIM’s public issue is an unusual example of alumni philanthropy creating lasting value, even as most IPOs are about valuations and investor returns.

An entrepreneur’s donation of a share to his alma mater is now helping IIT Madras raise funds for education and research, while still allowing it to remain a shareholder in the company. This is also indicative of a growing trend where educational institutions are benefiting not only from cash donations but also from equity in successful entrepreneurship.

(Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions.)

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