Swiggy IPO makes 500 employees ‘crorepatis’; unlocks ₹9,000 cr worth of ESOPs

A man walks near a logo of Swiggy ahead of its Initial Public Offering (IPO) listing ceremony at the National Stock Exchange (NSE) in Mumbai on November 13, 2024.
| Photo Credit: Reuters

Swiggy’s much-anticipated stock market debut on Wednesday (November 13, 2024) catapulted over 500 current and former employees to the “crorepati” club, with the food delivery and quick commerce major’s listing poised to unlock ₹9,000 crore in ESOPs for 5,000 staffers, people aware of the details said.

Swiggy’s initial share sale had a price range of ₹371-390 a share.

“The total Employee Stock Option Plan [ESOP] pool is worth ₹9,000 crore, with 5,000 past as well as present employees holding them. At the upper price range of the initial share price [₹390], 500 employees out of the 5,000 are set to become crorepatis,” a person in the know shared the details requesting anonymity.

On Wednesday (Nov. 13), shares of Swiggy were listed with a premium of nearly 8% against the issue price of ₹390 on NSE.

Shares of the firm made the market debut at ₹420, a jump of 7.69% on the bourse.

The stock on the BSE was listed at ₹412, a jump of 5.64% from the issue price. Later, it surged 7.67% to ₹419.95.

The company’s market valuation stood at ₹89,549.08 crore during the early trade.

The ₹11,327-crore initial public offer of Swiggy was fully subscribed on the final day of the share sale on Friday (Nov. 8), ending with 3.59 times subscription.

The company’s IPO (Initial Public Offering) had a fresh issue of shares worth ₹4,499 crore, along with an Offer-For-Sale (OFS) of ₹6,828 crore.

Going by the draft papers, the company plans to utilise proceeds from the fresh issue for investing in technology and cloud infrastructure; brand marketing and business promotion; and debt payment; and funds will also be allocated for inorganic growth and general corporate purposes.