Swiggy’s Rs 9,000 crore IPO minted 500 crorepatis as 5,000 employees of the food aggregator received ESOPs as part of the public issue.
Swiggy mints 500 crorepatis – Here’s how. (Photo credit: Getty images/ depositphotos)
New Delhi: Food aggregator Swiggy’s Rs 9,000 crore IPO, which was fully subscribed, listed at a modest premium on exchanges on Wednesday. However, another important detail which emerged from the IPO was that 500 employees at the company became crorepatis as a result of the Employees’ Stock Option (ESOP) scheme. Overall, 5,000 Swiggy staffers were eligible for company ESOPs.
Nearly 5,000 past and present staffers held ESOPs priced at Rs 390 apiece making them crorepatis, said a person familiar with the matter.
Swiggy IPO listing
Swiggy’s IPO price range was Rs 371-390 a share. Its shares listed at Rs 390 apiece on the exchanges. Swiggy’s shares closed 16.91 per cent higher at Rs 455.95 apiece, a premium of nearly Rs 65 apiece on Wednesday. Swiggy’s shares hit a high of Rs 465.30 apiece during intra-day trade and a low of Rs 390.70 per unit, according to BSE data. Swiggy market cap stood at Rs 1,02,062.01 crore at the close of trade on Wednesday.
Zomato CEO congratulates Swiggy
Zomato CEO and founder Deepinder Goyal took to social media platform X to congratulate rival Swiggy on its market listing. ” Congratulations @swiggy! Couldn’t have asked for a better company to serve India with,” Goyal wrote in his post.
Congratulations @swiggy!
Couldn’t have asked for a better company to serve India with. https://t.co/ZgU5tIt1pW
— Deepinder Goyal (@deepigoyal) November 13, 2024
Zomato and Swiggy compete directly in the food delivery segment. The two are also locked in a 4-cornered battle for quick commerce with Tata Digital-owned BigBasket and the unicorn Zepto founded by Kaivalya Vohra and Aadit Palicha.
Swiggy IPO details
The Rs 11,327-crore Swiggy IPO was fully subscribed at 3.59X the shares on offer. The IPO comprised freshly issued shares worth Rs 4,499 crore and an Offer-For-Sale (OFS) of shares worth Rs 6,828 crore. In its inimitable style, Swiggy expressed its excitement on the listing with this social media post:
excitement mein 20 litre chai pe li #SwiggyIPO pic.twitter.com/t1KDT3o30E
— Swiggy Food (@Swiggy) November 13, 2024
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