Paytm Money, a leading digital brokerage firm, launched a new and creative function on Monday. Users of Paytm Money will be able to apply for this offer prior to the debut of any IPO in the market, thanks to this functionality. According to a statement made by Paytm Money, the firm began this feature with the IPO of the meal delivery app Zomato. Thousands of candidates have already applied for Zomato’s IPO through Paytm Money in the last two days, according to the platform.
Paytm Money anticipates a big increase in retail consumers applying for Initial Public Offering (IPO) with this tool.
For such folks, the new system will be beneficial
Users might file for an IPO within a certain market period, usually up to three sessions, under the traditional IPO application process. There are also many investors who are not actively trading and are engaged in other tasks during market business hours. Despite their intentions, they were unable to file for some IPOs in this situation. According to Paytm Money, the “Pre-IPO Open Application” function has been implemented to make it easier for such people to invest.
This is how the system operates
Paytm Money stated that after enabling the “Pre-IPO Open Application” feature, consumers will be able to place their IPO order 24 hours a day, seven days a week. When you submit the order, it is logged on Paytm Money’s system and transmitted to the exchange for processing when the IPO opens. Users can also monitor the progress of their applications. This will ensure that they have a pleasant experience.
Following the launch of prominent IPOs, some investors have experienced server or network congestion. This is due to the extremely high demand in such a short period of time.
Varun Sridhar, CEO of Paytm Money, stated, “In the recent few months, public interest in IPOs has surged, and we have come across scenarios where there is no time during the stock market’s working hours and demand is high.” People were unable to apply for an IPO due to market processing delays.
“We aim to make our users’ lives easier. They also want to ensure that no wonderful chance passes them by.
Users of Paytm Money may now finish their IPO applications with a single click. They will also be able to monitor the live data of IPO subscriptions.