Swiggy's much-anticipated stock market debut on Wednesday, i.e., November 13, catapulted over 500 current and former employees to the “crorepati” club. The food delivery app is now poised to unlock the Rs 9,000 crores in Employee Stock Ownership Plan (ESOP) for 5,000 of its employees, making them avail the company stock based on the duration of their employment.
“The total Employee Stock Option Plan (ESOP) pool is worth Rs 9,000 crore, with 5,000 past as well as 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,” PTI has quoted an official as saying.
The stock of the food delivery firm was listed on Bombay Stock Exchange (BSE) was listed at Rs 412, an impressive jump of 5.64% from the issue price. Later the same day, i.e., on Wednesday, the share price further witnessed a surge of 7.67 per cent to Rs 419.95.
Zomato CEO reacts to Swiggy's IPO debut
Zomato CEO Deepinder Goyal reacted to the rival Swiggy's IPO debut, saying, "Congratulations @swiggy! Couldn’t have asked for a better company to serve India with..." He also tagged another post by Zomato which said, “You and I… In this beautiful world @Swiggy”.
In addition, Swiggy also expressed glee over its stock market debut in a hilarious post.
"excitement mein 20 litre chai pe li #SwiggyIPO", it wrote in a post on 'X'.
