The food delivery giant Swiggy made its highly-anticipated stock market debut on November 13, 2024. It is not only one of the biggest IPOs (Initial Public Offering) in recent years but also impacted the company’s employees’ lives. According to Money Control, 500 of Swiggy’s employees are likely to become crorepatis through the ESOP (Employee Stock Ownership Plan) of the IPO.
A person familiar with the ESOP shared, “The total Employee Stock Option Plan pool is worth ₹9,000 crore, with 5,000 past as well as present employees holding them. At the upper price range of the initial share price [₹390], 500 employees out of the 5,000 are set to become crorepatis.”
On the National Stock Exchange (NSE), shares of Swiggy were listed at ₹420, displaying an 8% premium over their issue price, which was ₹390. These shares opened in the market at ₹412, marking a 5.64% growth from the IPO price.
According to the Swiggy DRHP (Draft Red Herring prospectus), the total number of outstanding ESOPs was 231 million as of September 2024. Based on ₹390 per share price, it amounts to a total value of ₹9,046.65 crore.
Swiggy, which is also Zomato’s biggest competitor, is currently valued at nearly $12 billion. According to reports, hundreds of employees will earn over ₹1 crore. Meanwhile, the remaining eligible staff will get a portion of the ₹9,000 crore.
