On November 13, Swiggy, a well-known food delivery service and Zomato's direct competitor made its much-awaited stock market debut. The shares were listed on the National Stock Exchange (NSE) for Rs 420, which was 7.7% more than the Rs 390 issue price.
Swiggy's shares opened at Rs 412 on the Bombay Stock Exchange (BSE), up 5.64% from the IPO price. Employee stock option plans (ESOPs), another important benefit of the listing, are expected to become available.
As of September 2024, there were 231 million outstanding ESOPs, valued at Rs 9,046.65 crore based on the IPO's upper price band of Rs 390 per share, according to the company's Draft Red Herring Prospectus (DRHP) report.
With holdings now valued at crores of rupees, this move is anticipated to propel Swiggy's almost 500 employees into the 'crorepati' category and represent a significant financial milestone for the company's workforce.
According to the Economic Times, these employees are among the approximately 5,000 workers who will get the ESOP payout.
According to the research, throughout the years, the e-commerce behemoth Flipkart, one of the largest wealth producers in the online economy, has carried out ESOP buybacks totalling $1.5 billion across multiple tranches.
In the meantime, Zomato, Swiggy's fiercest rival, made 18 million dollars at its Rs 9,375 crore IPO in July 2021. Additionally, the report stated that approximately 350 current and former employees became crorepatis at the time of Paytm's initial public offering (IPO) in November 2021.
