India’s prominent digital brokerage Paytm Money on Monday announced the launch of an innovative feature that permits users to apply for initial share-sales/Public offers before the actual IPO opening in the markets.
The move is expected to drastically increase the participation of retail users in the initial public offer (IPO) through the process. Zomato is the first IPO on Paytm Money launched with this feature, and thousands of applicants on the platform have already placed their orders over the last two days, the digital brokerage said in a statement. The conventional application process for IPOs was designed around timings, and till date, users are able to apply for an IPO only during select market hours over a window of three days.
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.
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