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NRIPage | Articles | Swiggy's Stock Market Debut Makes 500 Current, Ex Employees Crorepatis | Get Latest International News & Updates. Your Source for World Events and Updates - NRI Page
Swiggy's much-anticipated entry into the stock market on Wednesday created over 500 new "crorepatis" among its current and former employees. The food delivery and quick commerce giant’s listing is set to unlock approximately ₹9,000 crore in Employee Stock Option Plans (ESOPs) for around 5,000 employees, according to sources familiar with the matter.
Swiggy’s IPO was priced in the range of ₹371-390 per share, with shares debuting at a premium, listing at ₹420 on the NSE—a 7.69% increase over the issue price of ₹390. The stock opened on the BSE at ₹412, up 5.64%, and later surged to ₹419.95, reflecting a 7.67% rise.
A person aware of the ESOP details shared that "at the upper price range of ₹390 per share, 500 out of 5,000 employees with ESOPs are set to become crorepatis.” Swiggy’s initial share sale, which raised ₹11,327 crore, ended with 3.59 times subscription. The IPO included a fresh issue of ₹4,499 crore and an Offer-For-Sale (OFS) of ₹6,828 crore.
Swiggy aims to allocate proceeds from the IPO towards technology upgrades, cloud infrastructure, brand marketing, business growth, debt repayment, and general corporate purposes, as outlined in its draft papers. The company’s market valuation stood at ₹89,549.08 crore in early trading.
