Swiggy's IPO Launches 500 Employees into Crorepati Club

Swiggy's stock market debut has turned over 500 employees into 'crorepatis' by unlocking Rs 9,000 crore in ESOPs. The shares began trading at a premium, boosting company's market valuation to Rs 89,549.08 crore. The IPO was oversubscribed 3.59 times, marking a significant milestone for Swiggy.

Swiggy's much-anticipated stock market debut on Wednesday has turned over 500 current and former employees into 'crorepatis,' as the food delivery giant's listing is set to unlock a whopping Rs 9,000 crore in ESOPs, according to informed sources.

The company's initial public offering featured a price range of Rs 371-390 per share, and at the higher end, 500 employees stand to gain substantially. Swiggy shares began trading at Rs 420 on NSE, a premium close to 8% over the issue price of Rs 390, while listing at Rs 412 on BSE, marking a rise of 5.64%.

Swiggy's IPO, valued at Rs 11,327 crore, was fully subscribed with a 3.59 times oversubscription. The funds from the IPO aim to bolster technology investments, cloud infrastructure, brand marketing, business promotion, and debt repayment, while also supporting inorganic growth initiatives and other corporate needs.

(With inputs from agencies.)