The company expects this move to significantly increase the participation of retail users in IPOs via its platform.
Varun Sridhar, CEO of Paytm Money said, “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.”
In a statement on Monday, Paytm Money said that the conventional application process for IPOs was designed around timings, and to date, users can apply for an IPO only during select market hours over a window of 3 days. A large proportion of the investing community does not trade actively and is likely to be busy during market hours, missing out on some of these IPOs. This is particularly true in the case of millennials and young investors. The “Pre-IPO Open application” feature was specifically designed to make the lives of such users better.
Further, Paytm Money directs that a user can now place an IPO order 24x7 on days when the “pre-Open IPO Application” Feature is enabled. The order is recorded on Paytm Money’s system and sent to the exchange for processing whenever the IPO opens. The user is notified of her application status throughout the journey, to ensure a seamless experience.
Paytm Money has also launched a set of other advanced features in a bid to offer the most comprehensive IPO application experience to its users. Users on Paytm Money can now complete IPO applications with a single click, apply via the shareholder category, and also track live IPO subscription numbers.
The food delivery online service provider, Zomato has fixed the price band for its initial public offering (IPO) at Rs72-76 per equity share. Zomato's public offer is scheduled to open for subscription on July 14. The issue will be available till July 16. The IPO is valued at Rs9,375cr. The total issue comprised of Rs9,000cr as a fresh issue and an offer for sale of Rs375cr by promoter Info Edge.
The IPO will be open for anchor investors on July 13.