Chennai: The Indian Institute of Technology Madras is set to gain up to Rs 112 crore from the initial public offering (IPO) of Indo MIM Ltd by partially offloading shares it received as a donation.The institute is expected to receive Rs 106 crore at the lower end of the price band and Rs 111.92 crore at the upper end through the sale of 23,07,700 shares in the offer for sale. The company has set the price band at Rs 461-485, with the grey market premium indicating a potential listing gain of over 36% over the upper end of the price band.Indo MIM’s CMD, Krishna Chivukula, is an alumnus of the institute and transferred 46,15,385 shares to IIT Madras in 2024 as a gift. The shares accounted for roughly 0.95% of the company’s pre-offer equity.The Rs 3,811-crore IPO of the Bengaluru-based precision engineering firm, which specialises in metal injection moulding, opens on Thursday. It comprises a fresh issue and an offer for sale. The total offer for sale consists of 6.82 crore shares, worth approximately Rs 3,312 crore at the upper end of the price band. Indo MIM is raising Rs 500 crore through the fresh issue and plans to use Rs 400 crore for debt repayment, with the balance earmarked for general corporate purposes.Chivukula holds a master’s degree in technology in aeronautical engineering in the 1970 batch. He gifted it to provide fellowships to top BTech students, eminent sportspersons, foreign students, faculty members who do high-risk research and to bring out a magazine.The institute named an academic block after him and described the donation, valued at Rs 228 crore at the time, as one of the largest ever made to IIT Madras.IIT Madras had also benefited from its early investment in electric two-wheeler maker Ather through its affiliated startup incubation bodies, IITM Research Park and RTBI, selling a small portion of its stake during the company’s IPO in 2025.
