New functionality on Paytm Money lets you apply for IPOs even before they open

While the conventional application process for IPOs allows users to apply for an IPO only during select market hours over a window of 3 days, the new "Pre-IPO Open application" feature allows Paytm Money users to place an IPO order 24x7 on days.

Paytm Money, a wholly-owned subsidiary of Paytm, has become the first digital broker in India to introduce new functionality that lets you pre-book IPOs before the actual IPO Opening in the markets, the company announced on Monday.

While the conventional application process for IPOs allows users to apply for an IPO only during select market hours over a window of 3 days, the new "Pre-IPO Open application" feature allows Paytm Money users to place an IPO order 24x7 on days.

Paytm Money's system records the order and whenever the IPO opens, the order is forwarded to the exchange for processing. The users are notified of their application status throughout the journey.

Interest in IPOs has surged over the last couple of months, and we have seen cases where users have missed out from applying because of issues like tight schedules during market hours, and demand-led processing delays in the markets. We wanted to make the lives of our users easier and ensure that they don't miss out on good opportunities.

Varun Sridhar, CEO of Paytm Money

Zomato is the first IPO on Paytm Money launched with the Pre-IPO Open application feature. Paytm Money may also spread out the Pre-Open IPO Applications evenly during the market hours.

For the first time ever, apply for IPOs before actual IPO Opening with the 𝐏𝐫𝐞-𝐎𝐩𝐞𝐧 𝐈𝐏𝐎 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 feature on Paytm Money!

— Paytm Money (@PaytmMoney) July 12, 2021

Apart from the IPO pre-booking feature, Paytm Money has also introduced a couple of other features. Now, users can complete IPO applications with a single click, apply via the shareholder category, and also track live IPO subscription numbers.