Paytm Money has launched a replacement feature permitting users to use it for the forthcoming Zomato IPO even before the subscription unlocks. Zomato is that the primary public issue on its platform to witness the new feature using which investors can apply for the upcoming IPO on 24×7 basis. The order would be saved on the Paytm Money’s system and would be sent to the exchange for processing whenever the IPO unlocks.
Paytm Money explained that a huge proportion of the investing community doesn’t trade energetically and is busy during market hours and missing out on a variety of IPOS.
Paytm Money during a press note explained that the normal application process for IPOs was designed around timings. The users can only apply for an IPO during the select market hours over a window of three days. During popular IPOs, many market participants face the problem of congestion in servers/networks because of the high demand during a quick time span. Varun Sridhar, CEO of Paytm Money said that the Interest in IPOs has surged over the previous couple of months, which we’ve seen cases where users have omitted from applying thanks to issues like tight schedules during market hours, and demand-led processing delays within the markets.
How to submit a pre-open Zomato IPO order
In order to submit a pre-open Zomato IPO order, users will need to check for Pre Open tags on the IPO page and open the IPO details page. Pre-IPO orders are often canceled or modified only after the IPO start date. The users can check subscription status numbers for various categories retail investors, qualified institutional buyers (QIB) non-institutional investors (NII), and employees from the app. The users on Paytm Money can complete IPO applications with one click, apply through the shareholder category, and track live IPO subscription numbers, the corporate has developed functionality for UPI handle, where users wouldn’t need to enter details whenever they apply for the IPO.
Zomato’s Rs 9,375-crore is scheduled to open for subscription on Wednesday, July 14, at the worth band of Rs 72-76 per share. the difficulty will have 75 percent reserved for qualified institutional buyers (QIBs) and 15 percent are going to be reserved for non-institutional investors (NIIs). The remaining 10 percent of the difficulty is going to be available for retail investors. The anchor portion is probably going to open on Tuesday, July 13, 2021, one working day before the opening date for the general public offer.