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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Waqf bill attacks Muslims, sets precedent to target other communities in future: Rahul Gandhi
New Delhi (PTI): Leader of Opposition in Lok Sabha Rahul Gandhi on Saturday alleged the "Waqf Bill attacks Muslims" and "sets a precedent to target other communities in future".
In a post on microblogging site X, Gandhi shared an article which claimed that the Rashtriya Swayamsevak Sangh (RSS) has now shifted focus to Catholic Church land after the passage of Waqf Bill.
"I had said that the Waqf Bill attacks Muslims now but sets a precedent to target other communities in the future," he wrote on X.
"It didn't take long for the RSS to turn its attention to Christians," the Congress leader wrote referring to the article.
"The Constitution is the only shield that protects our people from such attacks -- and it is our collective duty to defend it," Gandhi wrote.
Congress leader KC Venugopal too shared another article pointing to Catholic Church surpassing Waqf Board in landholdings and said, "As predicted, first one minority targeted, now onto the next."
