Zomato IPO will be the first on Paytm Money’s new IPO pre-booking feature. How it works

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Paytm Money, the wealth management division of One97 Communications Ltd, said it has launched a pre-initial public offering (IPO) open app feature on its platform, allowing retail investors to request an introduction in stock exchange before the market opens. The company said Zomato is the first initial stock sale on its platform that will launch with the new functionality.

Paytm Money users can use the feature to place an IPO order at any time of the week. The order is registered on the Paytm Money system and sent to the stock exchange for processing each time the IPO opens. The user is kept informed of the status of the request throughout the trip, the company said.

Paytm Money said Zomato is the first IPO on its platform to launch with this feature, with thousands of applicants already placing their orders in the past two days.

Paytm Money customers can apply for the IPO before it opens on Wednesday. Investors with demat accounts can apply for an IPO only during the days when an offer is online on the platform between market hours.

As Paytm Money has already allowed the client to apply for the IPO, orders will be sent to exchanges once the IPO launches on Wednesday.

Investors will be asked to authorize their payments, after which the application will be uploaded to the exchanges.

“Interest in IPOs has grown over the past two months and we have seen instances where users have failed to apply due to issues such as tight schedules during market hours and related processing delays. on demand in the markets. We wanted to make life easier for our users and make sure they don’t miss out on good opportunities, ”said Varun Sridhar, CEO of Paytm Money.

The feature will also resolve server and network congestion caused by the high demand faced by market players during popular IPOs, Sridhar added.

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