Swiggy IPO Makes 500 Employees Crorepatis, Unlocks Rs 9,000 Cr ESOPs

By By Rediff Money Desk, New Delhi
Nov 13, 2024 14:51
Swiggy's IPO has created over 500 crorepatis among its employees, unlocking Rs 9,000 crore worth of ESOPs. The stock debuted with a premium on NSE and BSE.
Photograph: PTI Photo from the Rediff Archives
New Delhi, Nov 13 (PTI) Swiggy's much-anticipated stock market debut on Wednesday catapulted over 500 current and former employees to the "crorepati" club, with the food delivery and quick commerce major's listing poised to unlock Rs 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 Rs 371-390 a share.

"The total Employee Stock Option Plan (ESOP) pool is worth Rs 9,000 crore, with 5,000 past as well as present employees holding them. At the upper price range of the initial share price (Rs 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, shares of Swiggy were listed with a premium of nearly 8 per cent against the issue price of Rs 390 on NSE.

Shares of the firm made the market debut at Rs 420, a jump of 7.69 per cent on the bourse.

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

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

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

The company's IPO (Initial Public Offering) had a fresh issue of shares worth Rs 4,499 crore, along with an Offer-For-Sale (OFS) of Rs 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.
Source: PTI
Read More On:
swiggyipoemployeesesopscrorepatis
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

You May Like To Read

MORE NEWS

UNESCO 'IT Ministry Discuss AI Safety 'Ethics...

UNESCO and India's IT Ministry hosted a consultation on AI safety and ethics, aiming to...

Vedanta to Boost Production: Anil Agarwal on...

Vedanta Chairman Anil Agarwal outlines plans to increase production across segments,...

Starlineups Enterprises Q2 Profit Surges Over 200%

Starlineups Enterprises reports a significant increase in Q2 profit driven by higher...

Ramoji Group Launches Sabala Millet Products

Ramoji Group launches Sabala, a range of millet products including khichdi, cookies,...

Delhi-NCR 6th Most Expensive Office Market in...

Delhi-NCR ranks as the 6th most expensive office market in Asia Pacific with a monthly...

Job Scams: Employees Blame Candidates, Report Says

A new report reveals that 75% of employees believe job seekers are partly responsible...

Aditya Ultra Steel Profit, Solar Plant | Rs...

Aditya Ultra Steel Ltd reported Rs 5.87cr profit in Apr-Sept 2024-25 and announced...

Aditya Birla Group Invests USD 20 Billion, Aims...

Aditya Birla Group, led by KM Birla, invests USD 20 billion to expand its manufacturing...

Okta India Hiring 200+ Employees: Focus on...

Okta India, an authentication solutions provider, plans to hire over 200 employees in...

Cedar-IBSi Capital Invests in Fintech Startups

Cedar-IBSi Capital is investing in 10-15 fintech startups, focusing on companies...

Read More »

Sectoral Indices Market Indicators Listed Companies Gainers Losers Mutual Funds Portfolio Watchlist
© 2024 Rediff.com