As Swiggy Shares List, 500 Employees Turn 'Crorepatis' Overnight - Details

It is a big day for Swiggy employees today as company, after its stock market debut on Wednesday, has turned more than 500 current as well as former employees into 'crorepatis' overnight. This major market listing is poised to unlock Rs 9,000 crore in ESOPs for approximately 5,000 employees, according to reports.

Swiggy employees get an opportunity to cash into company's success by way of this ESOP.

Details of Swiggy's Offering

initial share sale was within a price range of Rs 371-390 per share.

On Wednesday, company's shares opened at 7.69% on National Stock Exchange ( NSE ) at Rs 420 against an issue price of Rs 390. On Bombay Stock Exchange (BSE) stock was listed at Rs 412, a rise of 5.64% from issue price. Later, it jumped 7.67% to Rs 419.95.

During early tre company's market valuation stood at Rs 89,549.08 crore.

Rs 11,327-crore initial public offer of Swiggy was fully subscribed on final day of share sale on Friday, ending with 3.59 times subscription. company's IPO (Initial Public Offering) h a fresh issue of shares worth Rs 4,499 crore, along with an Offer-For-Sale (OFS) of Rs 6,828 crore.

What Would Funds Be Used For?

In its draft papers Swiggy mentioned that it plans to use funds generated from fresh issue to invest in technology and cloud infrastructure and for brand marketing and business promotion.

company also plans to allocate some of funds for inorganic growth as well as general corporate purposes.