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IIT Madras Bags Over Rs 100 Cr from Alumnus's IPO Gift
23 Jul
Summary
- IIT Madras expects up to Rs 112 crore from Indo MIM IPO.
- The institute received shares as a Rs 228 crore donation in 2024.
- Indo MIM's CMD, Krishna Chivukula, is an IIT Madras alumnus.
The Indian Institute of Technology Madras anticipates a windfall of up to Rs 112 crore from the Initial Public Offering (IPO) of Indo MIM Ltd. This financial gain stems from the partial sale of shares previously gifted to the institute by alumnus Krishna Chivukula, the CMD of Indo MIM. The sale is projected to fetch between Rs 106 crore and Rs 111.92 crore.
In 2024, Mr. Chivukula, an aeronautical engineering alumnus from the 1970s batch, gifted 46,15,385 shares, representing about 0.95% of Indo MIM's pre-offer equity. This donation, valued at Rs 228 crore at the time, was one of the largest ever made to IIT Madras and was intended to fund fellowships and research initiatives. An academic block was named in his honor.
The Bengaluru-based precision engineering firm Indo MIM's IPO, worth Rs 3,811 crore, includes a fresh issue of Rs 500 crore for debt repayment and general corporate purposes. The company has set its price band at Rs 461-485 per share. Separately, IIT Madras also benefited from its earlier investment in Ather, an electric two-wheeler manufacturer, through its affiliated startup incubation bodies.
