Investors willing to apply for the LIC IPO can do it now, that is even before the subscription for the IPO opens via Paytm Money’s Pre-Open IPO feature. Check steps for the same here.
The much-awaited IPO of this year — India’s largest insurer LIC’s public market debut is finally here. Investors eagerly waiting to subscribe to the IPO can apply for it through Paytm Money. One97 Communications Limited (OCL) that owns the brand Paytm on Thursday announced that its wholly-owned subsidiary Paytm Money Limited (PML) has launched the pre-open IPO feature for the upcoming LIC IPO. The company is also offering free demat accounts for new investors. Investors can even apply for the LIC IPO now — even before 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 4th to 9th. The 5-day subscription period is unique as this period tends to be 3 days for most IPOs. The price band for the IPO is set at Rs. 902-949. The government is selling 3.5 percent of its stake in LIC for Rs. 21,000 crore, valuing the insurance giant at Rs. 6 lakh crore.
How to apply for LIC IPO through the Pre-Open IPO feature
While the IPO will open for subscription on May 4 and the official application timings are 10am to 5pm, Paytm Money has enabled the pre-open feature for the LIC IPO. With this, users can subscribe to this IPO right away. The pre-open application will be recorded on Paytm Money’s system and sent to the exchange for processing whenever the IPO opens. Follow the below mentioned steps to apply right now:
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 LIC IPO when subscription opens
1. Go to the IPO section on Paytm Money’s home screen.
2. The LIC IPO option will be available in the ‘Current & Upcoming’ tab within IPOs.
3. 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.
4. In the ‘Add UPI Details’ section, update your UPI ID and click on ‘Apply’.’