Paytm Money lets users pre-order IPOs, Zomato is first

Paytm Money also cited the issue of congestion in servers or networks during popular IPOs, driven by high demand during a short time span.
Paytm Money said it has also launched other advanced features to offer "the most comprehensive IPO application experience to its users." (File Photo)
Paytm Money said it has also launched other advanced features to offer "the most comprehensive IPO application experience to its users." (File Photo)
Published on Jul 12, 2021 05:05 PM IST
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Written by Meenakshi Ray, New Delhi

Paytm Money has launched a feature allowing users to apply for initial public offers, including the upcoming Zomato IPO, even before the subscription opens in the markets, in a move the digital broker said is expected to "significantly increase the participation of retail users in IPOs via its platform." Zomato is the first IPO launched with this feature, it said.

"The 'Pre-IPO Open application' feature was specifically designed to make the lives of such users better. 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 said in a blog.

Also read | At 740 million, Paytm transactions surpass pre-Covid level

The digital broker also cited the issue of congestion in servers or networks during popular IPOs, driven by high demand during a short time span. "As this feature gains traction, it might be possible to spread out the Pre-Open IPO Applications evenly during the market hours, reducing load on exchanges and payment gateways, and ensuring a better experience for broad market participants," it added in the blog.

Paytm Money said it has also launched other advanced features to offer "the most comprehensive IPO application experience to its users."

Also read | Paytm Money facilitates IPO investments in India for retail investors

“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,” Varun Sridhar, CEO of Paytm Money, said.

Here's how you can apply for IPOs on Paytm Money:

Step 1: You can enter your bid details or quantity, price and number of bids and submit UPI ID once your KYC is done

Step 2: You will have to accept the “Block Funds” request on the UPI app

Step 3: If allotted, the final amount will be debited. It will be unblocked otherwise.

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Sunday, January 23, 2022