A stake gifted by an alumnus is about to hand IIT Madras a Rs 112 crore IPO windfall. The institute will sell nearly half its holding in Indo-MIM through the company’s offer for sale (OFS), monetising a donation made by founder Krishna Chivukula in February 2024 while retaining the remainder of its stake.
Chivukula, who completed his MTech in aerospace engineering from IIT Madras in 1970, transferred 4.62 million Indo-MIM shares to the institute by way of a gift on February 1, 2024, according to the company’s red herring prospectus. The shares represent 0.95% of Indo-MIM’s pre-offer equity capital on a fully diluted basis.
IIT Madras is now offering 2.31 million of those shares in the IPO. At the upper end of Indo-MIM’s Rs 461-Rs 485 price band, the sale will fetch the institute about ₹112 crore before expenses and taxes. That leaves it with nearly 2.31 million shares, worth another ₹112 crore at the top of the price band.
The transaction effectively converts part of the biggest single donation in IIT Madras’ history into cash while preserving exposure to the company after listing. The institute had valued Chivukula’s contribution at Rs 228 crore when it announced the donation, describing it as one of the largest gifts made to an educational institution in India.
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The proceeds from the donation were earmarked for scholarships for international students, research excellence grants, undergraduate fellowships, a sports scholars programme, development of Shaastra magazine and maintenance of the Krishna Chivukula Block, among other initiatives.
The monetisation forms a small but unusual component of Indo-MIM’s Rs 3,812 crore public issue, which opens on July 23 and closes on July 27. The IPO comprises a Rs 500 crore fresh issue and a ₹3,312 crore offer for sale.
Promoter Green Meadows Investments will raise about Rs 2,935 crore through the OFS at the upper price band, while Anuradha Koduri will sell shares worth about Rs 265 crore. IIT Madras, classified as a public shareholder, is the third seller.
For Chivukula, the IPO brings together his academic and entrepreneurial journeys. He studied aerospace engineering at IIT Madras, majoring in jet propulsion, after completing his BTech at IIT Bombay. He later received an MBA from Harvard Business School in 1980.
After working as group president and chief executive officer at the Hoffman Group of Companies in New York, Chivukula founded Shiva Technologies in Syracuse in 1990. The company specialised in advanced mass spectroscopy used to certify ultra-high-purity materials. He subsequently set up Bengaluru-based Indo-MIM to manufacture small metal and ceramic components with complex geometries in large volumes.
Indo-MIM is now the world’s largest manufacturer of precision-engineering components using metal injection moulding technology, with a 6.8% global market share in 2025, according to the IPO documents. It supplies more than 9,000 products across the automotive, defence, medical, consumer and aerospace sectors and exports to customers across 55 countries.
The company’s revenue from operations increased 26% to Rs 4,193 crore in FY26, while adjusted profit stood at Rs 612 crore. Revenue, Ebitda and adjusted profit expanded at compound annual growth rates of 20.9%, 20% and 30.3%, respectively, between FY24 and FY26, according to SBI Securities.
At Rs 485, the IPO values Indo-MIM at Rs 23,981 crore and 38.4 times its FY26 adjusted earnings. The offer will also reduce promoter and promoter-group ownership to 77.7% from 92.9%.
The company’s global footprint brings risks alongside growth. Overseas markets generated 77.2% of its FY26 revenue, while its 10 biggest customers accounted for 38.4%. It also largely operates through purchase orders without long-term volume commitments from most customers.
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