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

It is a big day for Swiggy employees today as the 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 the company's success by way of this ESOP.

Details of Swiggy's Offering

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

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

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

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.

What Would The Funds Be Used For?

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

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