He Built the World's Largest MIM Company From Bengaluru, Gifted Rs 228 Crore to IIT Madras, Then Took It Public - Indo-MIM's IPO Is a Story India Needed to Hear

There is a version of this story that leads with the IPO numbers. A Rs 3,812 crore offering. A market capitalisation of nearly Rs 24,000 crore at listing. A price band of Rs 461 to Rs 485. Subscription dates from July 23 to 27, listing on July 30.

Those numbers are impressive. But they are not the story. The story is Dr Krishna Chivukula - and what he did before any of it.

Built From a Lab Technology, Scaled to a Global Empire

Indo-MIM is a 30-year-old Bengaluru-based end-to-end manufacturer of precision engineering components using Metal Injection Moulding technology, founded by an alumnus of IIT Madras and Harvard Business School.

Metal Injection Moulding - MIM - is a manufacturing process that combines the design flexibility of plastic injection moulding with the material properties of metal, enabling the production of small, complex, high-precision components at scale. It is used extensively in automotive, aerospace, defence, medical devices, and consumer electronics - anywhere that demands intricate metal parts in large volumes without machining every piece individually.

Founded in 1996, Indo-MIM has been the world's largest MIM producer for the past six years and accounted for 6.8% of the global market by revenue in 2025. The company has the world's largest installed MIM capacity across 15 plants - six in India, six in the United States, two in the United Kingdom, and one in Mexico. An Indian founder, building in Bengaluru, running the world's largest operation in his sector across four countries. That alone is a story rarely told loudly enough.

The Gift That Came Before the IPO

In February 2024, Dr Chivukula donated shares worth Rs 228 crore - approximately 1% of Indo-MIM's stake - to his alma mater IIT Madras, in what is described as the largest donation to the institute and one of the largest donations to an educational institution in India.

He did not wait for the IPO windfall to give back. He gave before the listing - when the shares were unlisted and illiquid, and the gesture was purely about values rather than optics. The donation was designated to support international students at IIT Madras through scholarships, grant programmes, and sports scholarships.

In recognition of the institute's role in shaping his career and supporting innovation, Chivukula gifted the stake to IIT Madras, acknowledging that the institution had been foundational to everything he went on to build.

The IPO Windfall for IIT Madras

The gift became financially significant in a new way with the IPO. As part of the Indo-MIM IPO, IIT Madras plans to offload 23.08 lakh shares - half of its total holding - through an Offer for Sale. At the higher end of the price band of Rs 485 per share, selling half the holdings is expected to generate nearly Rs 112 crore for the institute. The remaining 23.08 lakh shares will stay with IIT Madras, with a residual holding worth approximately Rs 112 crore at the upper end of the band.

An institution that received unlisted shares as a gift is now sitting on a combined position - part liquid, part retained - worth over Rs 224 crore from a single donation. That is the compounding of a great founder's generosity through the market mechanism of an IPO.

The IPO Structure

The IPO comprises a fresh issue and an Offer for Sale, with the fresh issue proceeds largely earmarked to repay debt. As of May 2026, Indo-MIM has total outstanding debt of approximately Rs 1,200 crore, with Rs 400 crore being repaid through the fresh issue proceeds. Besides IIT Madras, Green Meadows Investments and Anuradha Koduri are also selling shares through the Offer for Sale. The promoter stake will shrink from 93% to approximately 78% post-IPO.

Why It Matters

India's manufacturing narrative is often dominated by government-backed champions, large conglomerates, or companies that scaled on the back of domestic demand alone. Indo-MIM is a different kind of story - a founder-led, technology-first company that identified a globally underserved manufacturing niche in 1996, built the world's best operation in that niche over three decades, and is now listing at nearly Rs 24,000 crore - entirely on the strength of what it made and how well it made it.

And before the listing bell rang, its founder had already given Rs 228 crore back to the institution that gave him the foundation to build it.