Digital payments behemoth Paytm’s subsidiary Paytm Money is all set to facilitate investments in Initial Public Offers (IPO) in India, announced the company on Monday. In its official communiqué, the company stated that this new facility will help retail investors in wealth creation opportunities via convenient application process. The process of IPO application on Paytm Money is completely digital for the investors across the country, said the company in its statement.
Interested investors can instantly apply for the latest IPOs through UPI ID, synched to their bank accounts to complete the IPO application process easily. The company will also be using UPI infrastructure in a bid to offer a quicker turnaround time for completion of the entire process.
With this new development, Paytm Money is planning to provider a “seamless interface” that will help in making it easier for users to make changes, cancel or re-apply in the bidding application with an IPO window. Other features included are IPOs tracking ability, information on company history and details, prospectus downloading feature, and also see the performance of older IPOs.
“In the period March-November 2020, the country’s stock exchanges (both NSE and BSE combined) witnessed 12 IPOs and raised proceeds worth Rs.249.73 billion (or ₹24,973 crores) in total. Some of the successful IPOs of 2020 were SBI Cards, Mazagaon Dock, Rossari Biotech, Happiest Minds, and CAMS among others. Within these, Happiest Minds and Rossari Biotech were oversubscribed by 150.98x and 79.37x and have delivered a listing day return of 111% and 77% respectively as per NSE’s data,” said Paytm in its communiqué.