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Swiggy CEO Sriharsha Majety, top execs gain ₹2,240 crore in ESOPs before IPO

Upstox
By Upstox News Desk

2 min read | Updated on October 09, 2024, 16:00 IST

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SUMMARY

Swiggy IPO: In addition to Swiggy CEO Sriharsha Majety, co-founders Phani Kishan and Nandan Reddy, Swiggy Instamart head Amitesh Jha, Food Marketplace CEO Rohit Kapoor, CTO Madhusudhan Rao, CFO Rahul Bothra, and HR head Girish Menon have been allotted extra shares.

Swiggy-IPO-CEO-ESPO.webp

Swiggy has received approval from market regulator SEBI for ₹10,414 crore IPO.

Swiggy IPO: Swiggy co-founder and group CEO Sriharsha Majety and other key executives have received employee stock ownership plans (ESOPs) worth ₹2,240 crore ahead of the food tech firm's initial public offering (IPO) later this year, Moneycontrol reported, citing an updated draft red herring prospectus (DRHP).
Apart from Majety, co-founders Phani Kishan and Nandan Reddy, Swiggy Instamart head Amitesh Jha, Food Marketplace CEO Rohit Kapoor, CTO Madhusudhan Rao, CFO Rahul Bothra and HR head Girish Menon have also been allotted extra shares, the report said.
Majety, who held 6.23% ownership at the time of filing DRHP, has been given extra 2.3% stake in Swiggy, Moneycontrol quoted news portal The Arc as saying.
Swiggy IPO: Charting a new delivery route

Swiggy IPO receives SEBI approval

Swiggy has received approval from market regulator Securities and Exchange Board of India (SEBI) for ₹10,414 crore IPO.

The public offer involves a new offering of shares worth ₹3,750 crore and an offer-for-sale of 18.52 crore equity shares valued at ₹6,664 crore.

Also Read: What Zomato CEO Deepinder Goyal said about Swiggy's IPO

Under the OFS, those divesting their stake include Alpha Wave Ventures, LP, Accel India IV (Mauritius) Ltd, Apoletto Asia Ltd, Coatue PE Asia XI LLC, Elevation Capital V Ltd, MIH India Food Holdings BV, DST EuroAsia V BV, Inspired Elite Investments Ltd, Tencent Cloud Europe BV and Norwest Venture Partners VII-A Mauritius.

The company is planning to raise money in a pre-IPO round. It it occur, the size of the fresh issuance will be reduced accordingly.

The net IPO proceeds will be used to clear debt and invest in the subsidiary Scootsy. In addition to inorganic growth and general corporate purposes, the funds will also be invested in brand marketing, business promotion, and improving technology and cloud infrastructure.

Also Read: IPO-bound Swiggy launches 10-minute food delivery service Bolt
Last month, Moneycontrol reported that Swiggy intends to increase its IPO size. If it happens, the initial share sale will be worth 11,664 crore, the report said.
To know more about IPOs listing, schedule and upcoming IPOs, click here.
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