Paytm Money on Monday, July 12 has announced the launch of its latest feature that will allow the users to apply for an initial public offering (IPO) before the actual issue opens in the market.
Zomato is the first IPO on Paytm Money launched with this feature. The company claims to have registered thousands of orders for it over the last 2 days.
How it will work?
Under the service, Paytm Money users can use the feature to place an IPO order anytime through the week.
These investors will be required only to authorise their payments of application money through a UPI authorisation code.
The application will then be uploaded on the exchanges’ servers.
Paytm Money said that Zomato is the first IPO on its platform that will be launched with this feature.
Benefit
The move is aimed at providing convenience to those willing to apply in IPOs but usually do not get the time to do so during market hours.
The feature will also solve the congestion in servers and networks caused by high demand experienced by market participants during popular IPOs.
Comment from CEO
Varun Sridhar, “Interest in IPOs has surged over the last couple of months, and we have seen cases where users have missed out from applying because of issues like tight schedules during market hours, and demand-led processing delays in the markets.
We wanted to make the lives of our users easier and ensure that they don’t miss out on good opportunities.”
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