Users complain of Zerodha outage as Indigo Paints IPO opens
Users faced issues with the Zerodha app during peak market hours on Wednesday as they flocked to India’s largest retail stockbroker to subscribe to the IndiGo Paints IPO.
“For a little time, but not completely down. Multiple tries would have worked,” CEO Nithin Kamath told ET when asked about the Zerodha outage. "The IPO has a lot of people trying to apply at the same time. It is slow, but working.”
On Wednesday morning, Zerodha tweeted users can subscribe to the Indigo Paints IPO using the app. “You can login to console and easily apply for the IPO using UPI.”
The IPO of Indigo Paints opens today and closes on Jan 22. You can login to Console and easily apply for the IPO using UPI.— Zerodha (@zerodhaonline) 1611114458000
But soon, users complained of widespread outage as they were unable to place their bids. Multiple users attached screenshots of Zerodha's console which said “there was an issue reaching our systems”.
As of an hour ago, Zerodha tweeted from its handle that “we’re working fine. Please retry now.”
@Divesh_Soni Hey Divesh, we're working fine. Please retry now.— Zerodha (@zerodhaonline) 1611123722000
“The problem that people are expressing is that they are not getting subscriptions on time,” Kamath said during an interview with The Economic Times earlier this week. “But I believe that is a factor of market demand for IPOs where oversubscriptions are happening to the tune of 100 times.”
He added that with every IPO they were seeing their systems improve.