Now apply for IPOs even before actual opening; place order 24x7 - BIG CONVENIENCE for new age investors
Paytm Money's innovative feature called 'Pre-IPO Open application' which will allow users to apply for the IPOs even before their openings in the market.
Now you will be able to apply for IPOs before the actual opening of the IPOs in the markets. How? Paytm Money today has announced the launch of an innovative feature called 'Pre-IPO Open application' which will allow users to apply for the IPOs even before their openings in the market.
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Apply for IPOs open before they open
Till now, the application process for IPOs have been designed around timings and till date, the users are able to apply for an IPO only during select market hours over a window of three days. The launch of this new feature by Paytm Money is certainly going to be useful for many as large proportion of the investing community does not trade actively and is likely to be busy during market hours, missing out on some of these IPOs. This is particularly true for the millennials and the young investors. However, with the 'Pre-IPO Open application' all such inconveniences will be gone.
With the 'Pre-IPO Open application', a user will be able to place an IPO order 24X7 on days when this feature is enabled.
How does this process work?
After a user orders for an IPO, 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.
It has to be noted that Zomato is the first IPO on Paytm Money launched with this feature and over the last two days thousands of applicants on the platform have already placed their orders.
Congestion in networks
There is also the issue of congestion in servers/networks experienced by some market participants during popular IPOs, driven by high demand during a short time span. As this feature gains traction, it might be possible to spread out the Pre-Open IPO Applications evenly during the market hours, reducing load on exchanges and payment gateways, and ensuring a better experience for broad market participants.
Paytm Money advanced features
Paytm Money has also launched a set of other advanced features in a bid to offer the most comprehensive IPO application experience to its users. Now, the users on Paytm Money can complete IPO applications with a single click and apply via the shareholder category. They can also track live IPO subscription numbers.