Paytm Money has launched a feature, with the help of which users will be able to apply for the upcoming Zomato IPO before the subscription opens. Zomato is the first public issue for which this feature has come. Using this, investors will be able to apply for an upcoming IPO on a 24×7 basis. The order will be recorded on Paytm Money’s system. and will be sent to the exchange for processing upon opening of the IPO. Users will be informed about the status of their applications from time to time.
Paytm hopes that this feature will increase the participation of retail users in IPOs through its platform. Paytm Money explained that a large number of investors do not actively trade and are busy during market hours and some may not pay attention to IPOs. Paytm Money said that thousands of investors have placed their orders on its platform during the last two days.
Paytm Money said in the press note that the traditional application process for the IPO was designed keeping in mind the timing. Users can apply for an IPO within 3 days only during select market hours. During popular IPOs, many market investors have to face server or network problems due to high demand over a short period of time. Varun Sridhar, CEO, Paytm Money said, “In the last few months, investors have increased in IPOs and we have seen cases where users could not apply due to busy market hours.
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How to submit pre-open Zomato IPO order?
To submit a pre-open Zomato IPO order, users need to check for the pre-open tag on the IPO page and open the IPO details page. Pre-IPO orders can be canceled or modified after the opening date of the IPO. With this, users can check the subscription status for different categories from the app. These categories include retail investors, qualified institutional buyers (QIBs), non-institutional investors (NIIs) and employees. Among other features, Paytm Money allows users to complete IPO applications in one click, apply by shareholder’s category and track the number of live IPO subscriptions. The company has developed a feature for the UPI handle, where users will not need to enter details every time they apply for an IPO. If the user is holding shares of the parent company, then the new feature of Paytm will allow to apply through shareholder category.