Noida-based digital financial services unicorn Paytm has announced that its wholly-owned subsidiary Paytm Money now facilitates investments in Initial Public Offers (IPOs) in India.
In a media release, the company said this launch will benefit retail investors with wealth creation opportunities, as they will be able to apply and join the growth story of rapidly expanding companies. The fintech platform has made the process of IPO application completely digital and simple for retail investors across the country to apply for IPOs.
Paytm Money has enabled investors to instantly apply for all the latest IPOs via UPI ID, linked to their bank accounts to quickly complete the IPO application process. The company added that it is leveraging the convenience of UPI infrastructure to offer a faster turnaround time reduced to three-four days for completion of the entire process.
Varun Sridhar, CEO of Paytm Money
The platform offers an interface to make changes, cancel or reapply the bidding application within the IPO window. It is equipped with features enabling investors to track upcoming IPOs, view company history and details, download prospectus, and also check the performance of past IPOs. This service is available on both the Paytm Money app and website.
Varun Sridhar, CEO - Paytm Money, said, “The Indian startup ecosystem has a growing appetite for entering the capital market. Now more companies want to raise capital from a broader set of investors with a 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.”
“In near future, we plan to launch IPO funding, derivatives trading, margin finance, and a host of other value-adding features to make investing seamless and convenient,” Varun added.
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 Rs 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, as per NSE’s data.
Edited by Megha Reddy
Link : https://yourstory.com/2020/11/paytm-money-ipo-investments-investors-participation
Author :- Sujata Sangwan ( )
November 30, 2020 at 09:44AM
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