Indian Institute of Technology Madras is preparing to reduce its holding in one of its portfolio companies as the business heads to the public markets.
The institute plans to sell up to 23.1 lakh shares in Indo-MIM Ltd through the offer for sale in the company's initial public offering, according to the red herring prospectus filed on July 17. Even after the sale, IIT Madras will continue to hold shares in the company, making this a partial exit rather than a complete one.
IIT Madras currently owns 46.2 lakh equity shares, representing about 0.95% of the company's pre-offer equity share capital. It plans to sell about half of that holding through the offer for sale.
The prospectus shows IIT Madras acquired the shares on Feb. 1, 2024 through a transfer by way of gift.
The company has not disclosed the price band for the IPO. As a result, the value of IIT Madras' proposed sale will be known only after the price band is announced.
Indo-MIM's public issue comprises a fresh issue of equity shares aggregating up to Rs 500 crore and an offer for sale of up to 6.82 crore equity shares by existing shareholders. Along with IIT Madras, Green Meadows Investments Ltd and Anuradha Koduri will also sell shares in the offer for sale. The proceeds from the fresh issue will be received by the company, while the selling shareholders will receive the proceeds from the shares they sell.
The company manufactures metal injection moulded components and other precision-engineered products used across industries including aerospace, automotive, medical devices, defence and consumer goods. It also undertakes precision machining, investment casting, ceramics injection moulding and metal additive manufacturing. According to the prospectus, the company has manufacturing facilities in India, the US, the UK and Mexico, and exports components to customers across multiple international markets.
Indo-MIM reported revenue from operations of Rs 4,192.98 crore for the year ended March 31, 2026, compared with Rs 3,329.58 crore in the previous year. Restated profit for the year increased to Rs 533.54 crore from Rs 423.73 crore a year earlier.
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