Paytm Money, a wholly-owned subsidiary of digital financial services platform Paytm, has rolled out an IPO investments feature, which will allow investors to participate in public offerings instantly.
Through this, investors will be able to apply for latest IPOs via UPI ID, linked to their bank accounts to complete the application process. The company is leveraging the UPI infrastructure to offer a turnaround time of 3-4 days for completion of the entire process.
“The Indian startup ecosystem has a growing appetite for entering the capital market with more companies wanting to raise capital from a broader set of investors through public listing. Likewise, investors are also increasingly willing to diversify their portfolio. This presents a big opportunity and we intend to make the process more accessible to our fellow citizens,” said Varun Sridhar, CEO, Paytm Money.
The service, which is available on both the Paytm Money website and the app, offers an interface to make changes, cancel or resend the bidding application within the IPO window. It is equipped with features which help investors track upcoming IPOs, view company history and details, download prospectus, and check the performance of past IPOs.
According to data, both NSE and BSE together witnessed 12 IPOs and raised proceeds worth Rs 24,973 crore between March and November this year. Some of the successful IPOs inckuded SBI Cards, Rossari Biotech, and Happiest Minds.