Swiggy’s long-awaited IPO went live on Wednesday (13 November 2024). The listing has turned over 500 of its current and former employees into crorepati with the company’s massive Employee Stock Ownership Plan (ESOP) now valued at Rs 9,000 crore for 5,000 employees.
500 Swiggy Employees Become 'Crorepati' As IPO Unlocks Rs 9,000 Crore Worth Of ESOPs
On Wednesday, Swiggy’s shares were listed with a premium of nearly 8 per cent against the issue price of Rs 390 on NSE, clocking a jump of 7.69 per cent on the bourse
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The IPO opened with an initial share price range of Rs 370-390, giving the employees and investors a highly anticipated opportunity for growth. At the upper end of the price range (Rs 390 per share), 500 out of Swiggy’s 5,000 ESOP holders have officially entered the Crorepati club.
The Rs 11,300 crore IPO comprised a fresh capital raise of Rs 4,499 crore and an offer for sale (OFS) of 17.51 shares worth Rs 6,828 crore.
How Did Swiggy’s IPO Perform?
The shares of the online food delivery platform debuted on the NSE with an impressive 8 per cent premium, starting at Rs 420 per share. This is a 7.69 per cent rise from the issue price.
On the BSE, Swiggy’s shares opened at Rs 412, recording a 5.64 per cent premium before climbing to Rs 419.95 - this marked a 7.67 per cent increase by mid-trade.
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The IPO debut has brought Swiggy’s market cap to nearly Rs 89,549 crore.
This market debut received an enthusiastic investor response with subscriptions reaching 3.59 times the offer on its closing day. According to reports, Swiggy plans to channel funds from this fresh issue into technology and cloud infrastructure, brand marketing, business promotion, debt repayment, and future acquisitions.
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