One97 Communications Limited (OCL) that owns the brand Paytm, India’s leading digital payments and financial services company, has announced that its wholly-owned subsidiary Paytm Money Limited (PML) has launched the pre-open IPO feature for the upcoming LIC IPO. This means that users can apply for the upcoming IPO before the due date. Investors wanting to subscribe to the IPO can apply for it through Paytm Money. They can even do it now and need not wait the IPO opens for subscription, using Paytm Money’s Pre-Open IPO application feature.
The issue will be open to subscription for the general public from May 4 to May 9. The 5-day subscription period is unique as this period is usually 3 days for most IPOs. The price band for the IPO is set at Rs 902-949. The company is also offering free demat accounts for new investors.
How to apply through the pre-open IPO feature
While the IPO opens for subscription on May 4, the official application timings are 10am to 5pm, Paytm Money has enabled the pre-open feature for the LIC IPO. The pre-open application will be recorded on Paytm Money’s system and sent to the exchange for processing whenever the IPO opens.
Steps to apply:
1. Go to the “Invest in IPO” option on Paytm Money, you will be able to see the IPO with a Pre-Open tab.
2. Select LIC IPO
3. In the respective IPO screen, you will be able to see the “Apply Now” button with the disclaimer that an application submitted in the pre-open stage can be canceled or modified only when it is sent to exchange when IPO opens, select apply now
4. 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
5. After tapping “Apply” you will get a screen stating that IPO is currently pre-open and application will be sent to exchange after IPO start date.
How to apply for the IPO when subscription opens 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. On this page, you can update the price and quantity for your application.
* 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 be able to find ‘Paytm Money’ option on the right.
Existing users can click that option and start their application journey from there 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.