Paytm Money will Let Your Pre-book IPO Allotments

Online retail brokerage Paytm Money has rolled out a new feature which allows customers to pre-book IPO allotments before market hours, chief executive Varun Sridhar told ET.

The move comes at a time when several high-profile startups and corporations such as Zomato, Life Insurance Crop of India (LIC), Paytm, Policy Bazaar, Care Health and Nykaa are set to debut on Indian stock exchanges in the coming months.

The feature will allow retail investors to request for Initial Public Offering allotments ahead of the official opening of subscriptions on exchanges. Typically, an investor can only buy allotments during the days when subscription is live.

“When we spoke to us customers, we found that a lot of them were enthusiastic about the upcoming IPO rush,” said Sridhar. “We wanted to create a service that takes away the panic and confusion of purchasing offers on the day of the IPO issue. A pre-booking service will allow investors to make planned purchases.” Paytm Money said this was the first such initiative by an online brokerage in India. A precooking is a purchase request made to the brokerage. On the day when the offer goes live at the exchange, the brokerage would buy allotments on behalf of all the requests it h

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