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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BJP trying to add illegal voters from outside in Bengal electoral rolls: Mamata
Kolkata (PTI): West Bengal Chief Minister Mamata Banerjee on Tuesday alleged that the BJP was trying to include illegal voters from Bihar, Rajasthan, Haryana and Uttar Pradesh in the electoral rolls of the state to turn the poll outcome in favour of the saffron party.
Addressing an election rally in Paschim Medunipur’s Chandrakona, Banerjee also reiterated her plea before the gathering to ignore who the TMC candidates in the state’s assembly segments were and consider her as the candidate in all 294 seats.
“I was informed by Abhishek (Banerjee) yesterday that he had to rush to the EC office in Kolkata from the middle of his campaign schedule upon receiving information that about 30,000 forms were submitted in a single day to include fresh voters,” the TMC supremo said.
“The BJP is trying to include illegal voters from Bihar, Rajasthan, Haryana and Uttar Pradesh in the electoral rolls of Bengal. They are planning to transport outstation voters by means of railways, as they did in Bihar,” she alleged.
Claiming that the saffron party has "no respect" for Bengal and its people, the chief minister accused the BJP of colluding with the Election Commission and deleting names of women and minorities from the state’s electoral rolls in the garb of the SIR exercise.
“The BJP and EC are snatching the citizenship, constitutional and democratic rights of people. We will fight them every inch of the way,” Banerjee said.
Maintaining that the BJP would impose “ban on non-veg food consumption” of Bengalis if it comes to power in the state, the CM said the TMC would thwart the Centre’s attempts to implement NRC in the state through a backdoor and its plans of sending targeted citizens to detention camps.
