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Swiggy IPO unlocks Rs 9K cr ESOPs for 5,000 employees
Public issue makes 500 employees ‘crorepatis’; Mcap shoots over `1 lakh cr
New Delhi: 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 Rs9,000 crore in ESOPs for 5,000 staffers, people aware of the details said.Swiggy’s initial share sale had a price range of Rs371-390 a share.
“The total Employee Stock Option Plan (ESOP) pool is worth Rs9,000 crore, with 5,000 past as well as present employees holding them. At the upper price range of the initial share price (Rs390), 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 ended with a premium of nearly 17 per cent against the issue price of Rs390. The stock listed at Rs412, reflecting a jump of 5.64 per cent from the issue price on the BSE. During the day, it surged 19.30 per cent to Rs465.30. Shares of the firm ended at Rs455.95, up 16.91 per cent.
At the NSE, shares of the firm made the market debut at Rs420, a jump of 7.69 per cent. The stock ended at Rs456, higher by 16.92 per cent. Swiggy’s market cap crossed Rs1 lakh crore on the day of listing of shares on the stock exchanges. The company’s market valuation stood at Rs1,02,062.01 crore. Rival Zomato has a market valuation of Rs2,28,463.62 crore The Rs11,327-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 Rs4,499 crore, along with an Offer-For-Sale (OFS) of Rs6,828 crore.
