IIT Madras to reap ₹112 crore from Indo-MIM IPO

Indian Institute of Technology Madras (IIT Madras) is set to raise around ₹112 crore by offloading 50 per cent of its holding, comprising 23.08 lakh shares, in the initial public offering (IPO) of Indo-MIM, a leading precision engineering components manufacturer. The IPO is scheduled to open for subscription on Thursday.

Indo-MIM founder Krishna Chivukula, A 1970 MTech alumnus of IIT Madras, had gifted a 1 per cent stake in the company to the institute, which is now being partially monetised through the IPO.

Indo-MIM plans to raise ₹3,812 crore through its mainboard IPO. The company has fixed a price band of ₹461-485 per equity share for the issue.

Other selling shareholders in the offer for sale (OFS) include Green Meadows Investments, which is offloading 6.05 crore equity shares, and Anuradha Koduri, who is selling 54.59 lakh shares.

The IPO comprises a fresh issue of equity shares worth ₹500 crore and an offer for sale of ₹3,312 crore, aggregating 6.83 crore shares by existing shareholders.

Of the proceeds from the fresh issue, the company plans to utilise ₹400 crore for debt repayment. As of May 2026, Indo-MIM’s total debt stood at Rs ₹1,200 crore.

The company reported a 26 per cent year-on-year increase in net profit to ₹533 crore in FY26, while its revenue rose 26 per cent to ₹4,193 crore.

Founded in 1996, Indo-MIM is a global manufacturer of precision engineering components using metal injection moulding (mim) technology, offering end-to-end solutions spanning mould design, tooling, manufacturing, finishing and assembly.

According to a Frost & Sullivan report cited in the red herring prospectus, Indo-MIM has been the world’s largest manufacturer of precision engineering components using mim technology for the past six years. The company held a 6.8 per cent share of the global mim market by revenue in 2025.

Indo-MIM operates 15 manufacturing facilities globally, including six in India, six in the United States, two in the United Kingdom and one in Mexico.

During FY26, the company manufactured more than 9,000 product variants across its end markets. The company’s diverse product portfolio caters to a wide range of sectors, including automotive, defence, medical, consumer goods, and aerospace.

According to the red herring prospectus (RHP), Indo-MIM does not have any listed peers in India. Globally, its only listed comparable company is Jiangsu Gian Technology Co, which is listed on the Shenzhen Stock Exchange in China.

HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets are the book running lead managers for the issue.