India’s leading mobile payment service provider, One97 Communications Limited (OCL), announced Paytm Money Limited’s debut (PMLfunctionality ) for pre-opening LIC’s initial public offering. The company also provides new investors with complimentary Demat accounts.
Paytm Money allows investors who haven’t yet applied for the IPO to do so. Paytm Money’s Pre-Open IPO application functionality will enable them to do so today, even before the IPO goes live, the company stated in a news release.
Subscriptions for the general public will be available from May 4th to 9th. An IPO’s subscription period is typically three days, making the five-day timeframe unusual. The IPO’s pricing range is Rs 902-Rs 949. For Rs 21,000 crore, the government is selling 3.5 per cent of its interest in the LIC, which values the company at Rs 6 lakh crore.
With the pre-open IPO function of Paytm Money, users may apply for the market debut of India’s largest insurer at their convenience,” said Varun Sridhar, CEO of Paytm Money. Those who aren’t full-time investors and can’t make it to the IPO’s application deadlines will find this service very helpful.
Applying through the IPO’s “pre-open” option
If you don’t want to wait until May 4 to apply, Paytm Money has activated the pre-open capability for the LIC stock IPO. Subscribing to this IPO is easy with this feature. Paytm Money’s system will record the pre-open application and send it to the exchange when the IPO opens.
Follow these steps to apply right now:
- Go to the “Invest in IPO” option on Paytm Money; you will be able to see the IPO with a Pre-Open tab.
- Select LIC IPO
- In the IPO screen, you will see the “Apply Now” button with the disclaimer that an application submitted in the pre-open stage can be cancelled or modified only when sent to the exchange when IPO opens; select apply now.
- The Apply for IPO page will open. Here you can modify the lot size, add up to 3 bids and modify the price. Post that, UPI ID can be filled and apply button needs to be selected.
- After tapping “Apply”, you will get a screen stating that IPO is currently pre-open, and the application will be sent to the exchange after the IPO start date.
How to apply for the IPO when subscription opens
Applying for the LIC IPO is relatively straightforward through the Paytm Money app.
- Go to the IPO section on Paytm Money’s home screen.
- The LIC IPO option will be available in the ‘Current & Upcoming’ tab within IPOs.
- Once you click on the option, you will see the ‘Apply now’ button, which will take you to the bid page. You can update the price and quantity for your application on this page.
- In the ‘Add UPI Details’ section, update your UPI ID and click on ‘Apply’.’
How to apply through the Paytm app
Users can also apply for the IPO via the Paytm app.
- Within the ‘My Paytm’ section of the Paytm app, users will find the ‘Paytm Money’ option on the right.
- Existing users can click that option and start their application journey, as described above.
- Users not registered with Paytm Money can get KYC verified in a few easy steps and proceed to the IPO application step.
How to open a free Demat Account with Paytm Money
Paytm Money Demat account can be opened in a few easy steps within a completely online journey:
- Download Paytm Money App
- Submit your PAN card details
- Submit your address proof in the form of Aadhar details
- Submit your bank details for adding and withdrawing funds from the Demat account
- Provide an e-signature for the online account opening form
- After submitting all these necessary details, Paytm Money’s KYC team will take care of further proceedings to open a Demat account. Once the KYC process is done, and your Demat account is in place, you can officially start investing.