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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'The Guardian' exits X, citing platform’s “Toxic Environment”
London, Nov 14: The Guardian, a prominent UK-based media outlet, has announced it will no longer post content on its X account (formerly Twitter), citing a “toxic media environment” as the reason for its exit. In a statement on its website, The Guardian said that the “benefits of being on X are now outweighed by the negatives” and indicated that its resources would be better allocated to other platforms that effectively promote its journalism.
The Guardian has raised concerns over “disturbing content” frequently promoted on X, including far-right conspiracy theories and racist rhetoric, which has intensified during the US presidential election campaign. “This is something we have been considering for a while,” the statement read, adding that the platform’s influence under Elon Musk’s ownership has “shaped political discourse” in concerning ways. The statement also mentioned that the media outlet’s presence on X “plays a diminished role in promoting our work,” urging readers to support its journalism directly on its website.
Although The Guardian will stop posting on X, it confirmed that users will still be able to share its stories on the platform. Additionally, the organization may embed posts from X in its articles, and reporters will continue to use the platform for “news-gathering purposes.”
Meanwhile, Elon Musk, widely criticized for his transformation of Twitter into X after acquiring the platform in 2022, was appointed head of a new government department by President-elect Donald Trump. Alongside politician Vivek Ramaswamy, Musk will co-lead the newly established Department of Government Efficiency (DOGE). In his announcement, Trump praised Musk and Ramaswamy as “two wonderful Americans” who will work to “dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies” in line with his administration’s “Save America” movement.
