Paytm Enables Pre-Booking Of Applications, Ahead Of Startup IPO
- ByStartupStory | July 12, 2021
Paytm Money has announced the launch of a feature allowing users to apply for initial public offerings (IPOs) before the actual IPO opening in the markets. Paytm Money has already received thousands of applicants on the platform over the last two days, the company said. Paytm Money claims to be the first digital broker in India to offer this functionality, and expects this to significantly increase the participation of retail users in IPOs via its platform.
A user can now place an IPO order 24×7 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.
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.”
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