Paytm Money allows users to apply for IPOs before actual opening; starts with Zomato

NEW DELHI: Leading digital brokerage Paytm Money on Monday announced the launch of an innovative feature which allows users to apply for initial share-sales before the actual IPO opening in the markets.

The move is expected to significantly increase the participation of retail users in initial public offer (IPO) through the process.

Zomato is the first IPO on Paytm Money launched with this feature, and thousands of applicants on the platform have already placed their orders over the last two days, the digital brokerage said in a statement.

The conventional application process for IPOs was designed around timings, and till date, users are able to apply for an IPO only during select market hours over a window of three days.