New Delhi, Nov 13: Swiggy’s eagerly awaited debut on the stock market on Wednesday has turned over 500 current and former employees into “crorepatis,” as the food delivery giant’s listing is set to unlock Rs 9,000 crore in Employee Stock Option Plan (ESOP) value for around 5,000 employees, according to sources familiar with the matter.
Swiggy’s IPO was priced in the range of Rs 371 to Rs 390 per share, with 500 employees estimated to hold ESOPs valued at over a crore each at the upper range of Rs 390, according to a source who spoke anonymously. Swiggy’s shares launched on the NSE at Rs 420, an 8 percent premium, and debuted on the BSE at Rs 412, a 5.64 percent rise from the issue price. The stock later surged further, trading at Rs 419.95, boosting the company’s market valuation to Rs 89,549.08 crore.
The Rs 11,327-crore IPO was fully subscribed by its final day, receiving 3.59 times the required subscriptions. The IPO included a fresh issue worth Rs 4,499 crore, with an additional Rs 6,828 crore offered through an Offer-For-Sale (OFS). As per Swiggy’s draft filings, the proceeds from the IPO will support investments in technology and cloud infrastructure, brand marketing, and business promotion. A portion of the funds will also be used for debt repayment, corporate development, and potential acquisitions.
