Paytm Money opens pre-IPO offers up to Rs 5 lakh per HNI prior to the LIC offer

Bangalore: Paytm Money, the wealth management division of One97 Communications Ltd, has opened its Pre-Initial Public Offering (IPO) application facility for high net worth individuals (HNI) to bid IPO up to Rs 5 lakh.

This comes before the LIC IPOwhich will open on May 4th.

The launch of the HNI investment service is in line with a circular from the Securities and Exchange Board of India (Sebi) dated April 5, 2022, which allowed investments of up to Rs 5 lakh per user through the Unified Payments Interface (UPI), up from the previous limit of Rs 2 lakh. This change applies to all IPOs after May 1, 2022.

Last July, Paytm Money had
has launched a pre-initial IPO application feature on its platform, which allowed retail investors to apply for an IPO before its official launch.

“This new service was launched in view of the growing appetite for high-value IPOs among Indian investors and comes at an ideal time, right before the long-awaited LIC IPO,” he said. Varun SridharPaytm Money CEO.

“Our goal is to enable new investors to embark on their wealth management journey and therefore, prior to the LIC IPO, we offer free demat accounts for life,” added Sridhar.

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the pre-IPO questions it will be registered on Paytm Money’s system and sent to the exchange for processing each time the IPO opens, the company said in a statement.

Paytm Money has total assets under management (AUM) of Rs 11,000 crore. It claimed to have processed over 16.2 million mutual fund transactions and over 31 million stock orders in the past year.

Paytm Money is a trading and wealth management platform offering products such as stocks, futures and options (F&O), trading API (Open Application Programming Interface), exchange traded funds (ETF), direct mutual funds, asset community and services of portfolio management.

The platform serves retail investors and advanced traders across India and claims to process over 100 million transactions in a year.

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