In a bid to make the LIC IPO accessible to people, Paytm’s parent company One97 Communications has announced that Paytm Money has started placing QR codes across kirana or mom-n-pop stores. Any individual will be able to create their demat accounts for free and place their bids for LIC IPO using these QR codes.
Demat account is mandatory for anyone wanting to trade in stock markets.
Paytm Money has also enabled pre-open IPO applications that will help investors apply even before the IPO opens for subscription, as per an official release. These applications will be recorded in Paytm Money’s system and will be sent to exchanges as and when the IPO goes live.
Paytm Money is the first discount broker in the country to allow high net worth individuals (HNIs) to place bids of upto Rs 5 lakh through UPI. A separate category has also been created for the LIC IPO in addition to the retail investor category.
How to apply for LIC IPO through Paytm Money?
1. Select the IPO section on the home screen of Paytm Money
2. Choose investor type as preference. Those looking to place bids worth upto Rs 5 lakh can do so by selecting the HNI or high net-worth individual category.
3. Allotment in HNI investor type will be proportionately done on the basis of subscription numbers in this category.
4. Select policyholders under the ‘investor type’ section on the IPO details page if you are a policyholder.
5. To avail this, your PAN should be linked to LIC policy and it should be the same as the one linked to Paytm Money’s demat account.
6. LIC IPO will be available in the ‘Current and Upcoming’ tab within IPOs
7. Hit the ‘Apply now’ option.
8. You will be redirected to the bid page wherein you can update the price and quantity of your application
9. Update your UPI ID and hit ‘Apply’ in the ‘Add UPI Details’ section
10. You will be notified about your allotment status once it happens
Paytm Money spokesperson said, “We have seen retail investor participation growing in the capital markets over the last few years and this is set to see a further boost with the LIC IPO. Given that many new eager investors will want to start their wealth management journey now, we are placing our QR codes at Paytm merchant partners’ stores across the country that will give them free demat accounts.”
The spokesperson furthermore added, “This reflects Paytm Money’s constant commitment to empowering thousands of small investors by helping them start off their IPO journey in a smooth and seamless manner.”
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