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The Economic Times
The Economic Times
Nikhil Agarwal

How MTech alumnus’ gift turned into Rs 112 crore IPO jackpot for IIT Madras

IIT Madras IPO INDO MIM OFS INDOMIM

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.

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