Microgels of cross-linked interpenetrating polymer networks (IPNs) are very versatile systems combining the properties of colloids and polymers. Herein we study IPN microgels composed of poly(N-isopropylacrylamide) and poly(acrylic acid) to understand how weight composition and reactant concentrations affect their structural, conformational and electrosteric properties in water. The results show that it is possible to drive the formation of microgels with the desired properties by adjusting IPN composition and preparation method during the synthesis. During synthesis, the polymerization of acrylic acid triggers the merging among IPNs via covalent linking, giving rise to microgels with larger mass and size, the effect being larger for higher concentration of the reactants. In addition, a close relation between the microgel internal conformation and the colloidal stability is observed, due to the presence of screened groups inside the microgel.