Swiggy IPO makes 500 employees 'crorepatis'; unlocks Rs 9,000 cr worth of ESOPs
New Delhi, Nov 13: Swiggy's much-anticipated stock market debut on Wednesday catapulted over 500 current and former employees to the "crorepati" club, with the food delivery and quick commerce major's listing poised to unlock Rs 9,000 crore in ESOPs for 5,000 staffers, people aware of the details said.
Swiggy's initial share sale had a price range of Rs 371-390 a share.
"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," a person in the know shared the details requesting anonymity.
On Wednesday, shares of Swiggy were listed with a premium of nearly 8 per cent against the issue price of Rs 390 on NSE.
Shares of the firm made the market debut at Rs 420, a jump of 7.69 per cent on the bourse.
The stock on the BSE was listed at Rs 412, a jump of 5.64 per cent from the issue price. Later, it surged 7.67 per cent to Rs 419.95.
The company's market valuation stood at Rs 89,549.08 crore during the early trade.
The Rs 11,327-crore initial public offer of Swiggy was fully subscribed on the final day of the share sale on Friday, ending with 3.59 times subscription.
The company's IPO (Initial Public Offering) had a fresh issue of shares worth Rs 4,499 crore, along with an Offer-For-Sale (OFS) of Rs 6,828 crore.
Going by the draft papers, the company plans to utilise proceeds from the fresh issue for investing in technology and cloud infrastructure; brand marketing and business promotion; and debt payment; and funds will also be allocated for inorganic growth and general corporate purposes.
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Karnataka's Bill against Hate Speeches conspiracy against Hindutva activists: Pramod Muthalik
Davanagere: Sri Rama Sene national president Pramod Muthalik has accused the state government of using the proposed Hate Speech and Hate Crimes (Prevention) Bill to target Hindus and to suppress Hindutva organisations and their leaders.
Speaking at a press conference on Saturday, Muthalik said the Sene opposes the Bill. According to him, the government is bringing this legislation only to appease Muslim voters while selectively targeting Hindu voices.
He questioned whether it is wrong to speak against cow slaughter when the ban is already in force but violations still occur in many places. “Is it wrong to raise awareness among Hindus about love jihad? Is it wrong to oppose illegal construction of churches, mosques or encroachments on cremation grounds? Is objecting to religious conversions wrong?” he asked.
Muthalik alleged that the Bill attempts to silence anyone who questions or protests such issues. He said the move goes against the spirit of the Constitution framed by Dr B.R. Ambedkar and is aimed at weakening the Hindu community.
He urged BJP and JD(S) MLAs to strongly oppose the Bill in the upcoming session and ensure it does not get passed. The organisation will submit memorandums to all legislators and mount pressure, he added.
During the press meet, Muthalik tore copies of the Bill in protest. Leaders of Sri Rama Sene including Parashuram Nadavinamani, Yashavanth, Sridhar and Madhu were present.
