Paytm Money has come up with a new feature that allows its users to apply for initial public offering instantly. Leveraging on the UPI infrastructure the company enables the user to subscribe for IPO through their UPI ID, which is linked to their bank account. The completion of the entire process will take a turnaround time of 3-4 days. Paytm Money is a wholly-owned subsidiary of the digital financial services platform.
Varun Sridhar, CEO, Paytm Money, said that Indian start-up companies are showing an increasing appetite for entering the capital market, so more companies are wanting to raise capital from a broader set of investors through a public listing. Investors are also willing to diversify their portfolios. There is a big opportunity in the market and the company aims to make this accessible for its users.
The service is available on both the Paytm Money website and the app. The users can make changes, cancel or resend the bidding application through the interface provided within the IPO window. There are features for helping investors to track upcoming IPOs, view company history and information, download prospectuses, and verify the performance of past IPOs. The company has also planned to launch IPO funding, derivatives trading, margin finance, and a bunch of other value-added features soon to make investing smooth and convenient for its users.
As per data, both stock exchanges, NSE and BSE, witnessed 12 IPOs this fiscal year and raised a capital of Rs 24,973 crore as a whole from the market. SBI Cards, Rossari Biotech, and Happiest Minds are some of the most successful IPOs for the year.
Paytm Money Limited, a SEBI registered Investment Adviser (IA), provides investment execution & advisory services to its customers. It offers direct plans to mutual fund schemes. It provides zero KYC and automated payments to its customers. Within its first year of launch, it has achieved the distinction of becoming India’s biggest investment platform within its first year. It has also become the largest contributor of SIPs in the mutual fund industry. The company has received approval for stock broking, Demat services, and National Pension System (NPS) services.
