Out of 2,6347,626 applications received by Rastra Utthan Laghubitta, the latest company to offer IPO, 2,640,000 applicants applied through online.
As per Central Depository System (CDSC), only 3.59 percent of applicants submitted their application physically in the issue. With this, an era of online application has risen ending the hassle of standing hours in a queue to submit an IPO applications.
The ease provided by online mediums has tremendously increased the number of applications as well. The latest IPO fetched applications from more than 2.7 million which is a record high. Moreover, the number of Demat account has also reached 4,972,000 till Monday, as per CDSC.
However, the skyrocketing numbers of applications have become a good source of income for banks and financial institutions. For every IPO application, the BFIs charge a minimum of Rs 10 to a maximum of Rs 100 for a single application.
Lately, the banking sector earns nearly 30 million from a single IPO as a single IPO fetches millions of applications for a petite number of shares.
