Swiggy's much-anticipated stock market debut on Wednesday catapulted over 500 current and former employees to the "crorepati" club. The food delivery and quick commerce major's listing is poised to unlock Rs 9,000 crore in employee stock ownership plans (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 and 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 at a premium of nearly 8% against the issue price of Rs 390 on the NSE. The firm's shares made the market debut at Rs 420, a jump of 7.69% on the bourse. The stock on the BSE was listed at Rs 412, a jump of 5.64% from the issue price. Later, it surged 7.67% to Rs 419.95.
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During the early trade, the company's market valuation stood at Rs 89,549.08 crore. Swiggy's Rs 11,327-crore initial public offer was fully subscribed on Friday, the final day of the share sale, ending with a 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.
According to the draft papers, the company plans to use the proceeds from the fresh issue to invest in technology and cloud infrastructure, brand marketing and business promotion, debt payment, and inorganic growth and general corporate purposes.