Swiggy's Initial Public Offering (IPO) is not only one of the biggest in recent years, but it is also set to make a significant impact on the lives of the company's employees. As the Bengaluru-based food delivery giant made its stock market debut today, Money Control reported that 5,000 of its employees are likely to become crorepatis, thanks to Swiggy's Employee Stock Option Plans (ESOPs).
Swiggy's current valuation is close to $12 billion. It is being reported that around 500 employees will be earning over Rs 1 crore each, while the rest of the eligible staff will share a portion of the Rs 9,000 crore ESOP pool. This wealth creation exercise is set to be one of the largest in India's startup ecosystem, putting Swiggy's IPO in a class of its own alongside major players like Flipkart and Zomato.
Swiggy's IPO offers a rare opportunity for employees to cash in on the company's success, with ESOPs worth Rs 9,000 crore being unlocked as part of the public offering. Employees who have been with the company for several years and have contributed to its growth will benefit from the listing, with some expected to become part of the exclusive "crorepati club."
In terms of wealth creation, Swiggy's IPO is expected to surpass the likes of Zomato and Paytm. When Zomato went public in 2021 with a Rs 9,375 crore IPO, it created 18 dollar millionaires, while Paytm's listing made around 350 employees crorepatis. However, Swiggy's IPO is set to reward a far larger pool of employees, making it one of the most significant wealth distribution events in the Indian startup space.
Swiggy's debut in the stock market has generated significant interest, with shares opening at a 7.69 percent premium on the National Stock Exchange (NSE) at Rs 420 per share, compared to the IPO price of Rs 390. On the Bombay Stock Exchange (BSE), the stock listed at Rs 412, reflecting a 5.64% premium. This strong listing performance suggests that Swiggy is likely to maintain a robust presence in the market and continue its growth trajectory.
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