365Telugu.com online news, November 13th,2024: Swiggy’s Initial Public Offering (IPO), one of the largest in recent years, is set to transform the fortunes of thousands of its employees. The Bengaluru-based food delivery giant debuted on the stock market today, and according to Money Control, 5,000 of Swiggy’s employees are expected to become crorepatis, thanks to the company’s Employee Stock Option Plans (ESOPs).
With a current valuation close to $12 billion, Swiggy’s IPO is creating immense wealth. Reports suggest that 500 employees will each earn over Rs 1 crore, while the remaining eligible staff will share in the Rs 9,000 crore ESOP pool. This wealth distribution is set to be one of the largest in India’s startup ecosystem, placing Swiggy’s IPO alongside other major companies like Flipkart and Zomato.
As part of this IPO, the unlocking of Rs 9,000 crore worth of ESOPs provides a rare opportunity for employees to cash in on the company’s success. Those who have been with Swiggy for several years, contributing to its growth, are expected to see substantial financial rewards. A number of them will join the exclusive “crorepati club” following the listing.
In terms of wealth creation, Swiggy’s IPO is expected to outshine previous tech IPOs like Zomato and Paytm. While Zomato’s 2021 IPO generated 18 dollar millionaires and Paytm created around 350 crorepatis, Swiggy’s IPO will reward a much larger pool of employees, making it one of the most significant wealth distribution events in India’s startup history.
Swiggy’s market debut has already sparked considerable interest, with shares opening at a 7.69% 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 performance at launch suggests that Swiggy will maintain its growth trajectory and remain a dominant player in the market.