IPO Details
RHP/DRHPIssue Date
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Investment/lot
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Price Range
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Lot Size
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IPO Size
N/A
Schedule of Multiplier AI IPO
Start date
End date
Allotment of bids
Refund Initiation
Listing on exchange
About Multiplier AI IPO
Multiplier AI Limited IPO is an IPO of TBA. It consists of a fresh issue of up to 35,00,000 equity shares. The shares will be allotted on TBA. The credit of shares to the demat account will take place on TBA, and the initiation of refunds will take place on TBA.
Objective of Multiplier AI IPO
- Strategic Growth in India and the US: Strengthening workforce, IT investments, and leasing of co-working spaces.
- Establishment of an AI R&D Centre (AI Server & Software).
- General corporate purpose.
Multiplier AI IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band (₹) | TBA |
Existing Shares to be Sold | -- |
Fresh Issue | Up to 35,00,000 Equity Shares |
EPS (₹)For the year ended March 31, 2024 | 4.87 |
Multiplier AI Limited IPO Share offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs Share Offered | Not more than 50% |
Non-Institutional Investors (NIIs) | Not less than 15% |
Retail Individual Investors | Not less than 35% |
Industry Outlook
The pharmaceutical industry is undergoing a significant transformation, driven by advancements in technology, particularly in artificial intelligence (AI) and data analytics. Artificial intelligence (AI) in the pharmaceutical industry is a transformative technology used by pharmacists to analyse large volumes of patient data, including medical records, laboratory results, and medication profiles, aiding them in identifying potential drug-drug interactions, assessing the safety and efficacy of medicines, and making informed recommendations tailored to individual patient requirements.
In 2024, AI is expected to play a pivotal role in streamlining administration, diagnosis, treatment, and patient care. From predictive analytics to automating electronic health records, AI can further enhance the precision and efficiency of healthcare delivery.
The global AI in the pharmaceutical market was valued at USD 90.8 crore in 2022 and is expected to reach over USD 1,181.36 crore by 2032, poised to grow at a compound annual growth rate (CAGR) of 29.30% from 2023 to 2032. Increasing awareness of artificial intelligence among pharmaceutical manufacturers and rising adoption of Artificial Intelligence (AI) in the pharmaceutical market for R&D activities and drug development drive the industry growth during the forecast period. The US pharmaceutical industry is expected to increase at a Compound Annual Growth Rate (CAGR) of 5.36% from 2022 to 2030, from US$ 84,672 crore in 2022 to US$ 1,28,000 crore by 2030. India's pharmaceutical market is expected to grow to $13,000 crore by 2030 and $6,500 crore by 2024. India's pharmaceutical market is now estimated to be worth $5,000 crore. The CAGR (2024-2029) for the Indian pharma market is 10.70%, which is double that of the US.
The Ayushman Bharat Health Account (ABHA) initiative by the Government of India aims to create a comprehensive digital health ecosystem. By investing in this sector, the government seeks to enhance healthcare accessibility and efficiency through digital health records.
The future outlook for the pharmaceutical industry is highly positive, with forecasts suggesting continued growth driven by technological advancements, particularly in AI and digital marketing.
Company Information
Multiplier AI Limited is engaged in providing AI-based solutions to pharmaceutical companies by implementing their advanced analytics and predictive modelling and by leveraging AI technologies to transform pharmaceutical marketing. They provide AI solutions by using models viz. Gen AI Doctor Data Platform, Hyper-Personalised Content Platform, DPDP-Compliant HCP Marketing & GPT & LLM-Based Tools for Pharmaceutical companies and Patient Intelligence Platform, Doctor Referral Platform & Platform for Driving New Patients for Hospitals & Life Sciences, to help clients swiftly adapt to market changes and capture new opportunities. They use advanced tools like scraping engines to clean and organise existing information, turning messy data into a structured and usable format.
Strengths of Multiplier AI IPO
Sales Growth
They work to increase prescription sales from existing prescribers by optimising engagement and targeting strategies. They help pharmaceutical companies achieve sustained sales growth by optimising the performance of their existing prescribers.
Digital Influence
By building networks of physician digital influencers, they enhance brand visibility and trust within the medical community. They empower pharmaceutical clients by identifying and leveraging networks of digital physician influencers to enhance brand visibility and trust within the medical community. Using advanced analytics, they identify influential physicians with a strong online presence who align with the brand's goals.
Engagement Innovation
They develop bot-based engagement programmes tailored for physicians, facilitating seamless and efficient interactions. They enhance physician engagement by designing customised bot-based programmes that streamline and personalise interactions.
Risks of Multiplier AI IPO
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The company revenue is concentrated in the top 3 states. Loss of any of these large states may affect their business operations : Their domestic sales are dependent on the top 3 states including Karnataka, Maharashtra and Punjab. The concentration of their business in the above states subjects them to various risks, including but not limited to: regional slowdown in business activities; major crackdown, force majeure situations; vulnerability to changes in policies, laws and regulations or the political and economic environment; and constraints on their ability to diversify across states.
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The company is dependent on a few countries. Loss of any of these large countries may affect their business operations : The company’s export sales are dependent on 2 countries which include the USA and Singapore. Currently, their export sales are dependent on these countries, and if in future they are unable to diversify their export sales to other countries or if they are not able to sell their products/services to these countries, their revenue will be impacted, which will also affect the financial position of the company.
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Breaches of data security could affect their business and reputation : Their systems may be vulnerable to data security breaches, whether by their employees or others, that may expose sensitive data to unauthorised persons. Data security breaches could lead to the loss of intellectual property or could lead to the public exposure of sensitive information of their clients. Any such security breaches or compromises of technology systems could result in the institution of legal proceedings against them and potential imposition of penalties, which may have an effect on their business and reputation.
Multiplier AI IPO Financials
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Anchor Investor Information
The Anchor Investor Bid/Issue Period shall be one Working Day prior to the Bid/Issue Opening Date.
IPO Registrar and Book Running Lead Managers
Book running lead managers: Swastika Investmart Limited
Registrar for the IPO : MUFG Intime India Private Limited
Business Model
The company earns its revenue by providing AI-based solutions to pharmaceutical companies by implementing their advanced analytics and predictive modelling, and by leveraging AI technologies to transform pharmaceutical marketing.
Company Growth Trajectory
The restated profit after tax for FY 2023-24 has significantly increased to ₹4.10 crore as against profit after tax of ₹1.33 crore in FY 2022-23. The company’s EBITDA increased to ₹5.703 crores in FY24 from ₹1.610 crores in FY23.
Company Market Position
They generate almost 93.30%, 86.68%, 96.77%, and 81.58% of the revenue of the total domestic sales generated as on 30 September 2024, 31 March 2024, 2023 and 2022 respectively from Karnataka, Maharashtra and Punjab. The company's export sales are dependent on the 2 countries which include the USA and Singapore, representing 10.84%, 7.11%, 14.71% and 4.97% of the revenue generated from operations as on 30 September 2024, 31 March 2024, 2023 and 2022 respectively.
Multiplier AI Company Profit & Loss
| Parameter | FY22 | FY23 | FY24 |
|---|---|---|---|
Revenue from operations (₹ crores) | 9.59 | 15.01 | 11.21 |
Profit Before Tax (₹ crores) | 1.32 | 1.99 | 5.53 |
Net profit / (loss) (₹ crores) | 0.62 | 1.33 | 4.1 |
EBITDA (₹ crores) | 0.90 | 1.61 | 5.70 |
EPS (₹) | 0.75 | 1.58 | 4.87 |
Multiplier AI Cash Flow
| Parameter | FY22 | FY23 | FY24 |
|---|---|---|---|
Profit before tax (₹crores) | 1.32 | 1.99 | 5.53 |
Net Cash from Operating Activities (₹ crores) | 1.91 | 4.72 | -0.73 |
Net Cash from Investing Activities (₹ crores) | -0.67 | -0.97 | -0.30 |
Net Cash from Financing Activities (₹ crores) | -1.12 | --- | --- |
Cash and Cash Equivalents (₹ crores) | 4.16 | 7.91 | 6.87 |
How To Check Allotment Status of Multiplier AI IPO?
You can check the allotment status of shares either on the website of the National Stock Exchange (NSE) or on the website of the registrar MUFG Intime India Private Limited. To check the status on the NSE website:
- Visit the NSE website
- Click on “Investor Services” and choose “Application Status Check”
- Choose the issue type — Equity or Debt (Equity in this case)
- Select the Issue Name from the drop-down. The issue name is the company’s name, which is Multiplier AI Limited
- Enter your application number or PAN number
- Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status
Follow these steps to know the allotment status on the registrar’s website:
- Visit the MUFG Intime India Private Limited website
- Choose “Public Issues” from the “Investor Services” drop-down
- Select Multiplier AI Limited from the drop-down
- Enter your PAN number or Application number
- Click on “Submit” to know the allotment status
How To Apply for Multiplier AI IPO?
- Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Multiplier AI IPO FAQs
Where can I read more about Multiplier AI business?
You can read more about Multiplier AI and its IPO from the company’s red herring prospectus (RHP) here.
What is the Multiplier AI IPO?
The Multiplier AI Limited IPO has an issue size of TBA. The IPO opens for subscription on TBA and closes on TBA.
Who is the Registrar for Multiplier AI IPO?
MUFG Intime India Private Limited is the registrar for this IPO.
