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  5. Swiggy IPO turns 500 employees crorepatis; here's how much CEO Sriharsha Majety, top execs gained

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Swiggy IPO turns 500 employees crorepatis; here's how much CEO Sriharsha Majety, top execs gained

Upstox
By Upstox News Desk

2 min read | Updated on November 13, 2024, 14:01 IST

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SUMMARY

Swiggy Ltd's ESOP payout will be one of the highest in India's startup sector, comparable to Flipkart's payout of ₹1.4-₹1.5 billion.

swiggy-ipo-crorepatis.webp

Swiggy IPO, with a price band of ₹371-₹390 per share, was subscribed 3.59 times.

Swiggy shares on Wednesday made their debut at a premium of 7.69% to ₹420 per share over its IPO price of ₹390 on NSE. The listing is set to unlock employee stock option plans (ESOPs) worth ₹9,000 crore, turn 500 employees crorepatis, and create wealth for 5,000 employees overall, the Economic Times reported, citing sources.
Swiggy's ESOP payout will be one of the highest in India's startup sector, comparable to Flipkart's payout of ₹1.4-₹1.5 billion.

The food delivery and quick commerce company also secured an exemption on the compulsory one-year lock-in period from SEBI, allowing its employees to sell shares 30 days after the IPO.

Swiggy IPO listing: How much did CEO Sriharsha Majety and top execs gain?

According to the ET report, the company's founders and top management were granted ESOPs worth ₹2,600 crore in the recent stock ownership plan.
At the stock price of ₹390 per share, co-founder and Group CEO Sriharsha Majety has been granted ESOPs worth ₹1,894.11 crore, Instamart CEO Amitesh Jha has been granted ESOPs worth ₹126.41 crore, Food Marketplace CEO Rohit Kapoor ₹92.63 crore, co-founder and head of innovation Nandan Reddy ₹81.73 crore and co-founder and chief growth offer Phani Kishan ₹81.77 crore, the Economic Times reported.
Buzzing: Swiggy shares rally up to 15% after quiet listing; m-cap currently tests ₹1 lakh crore mark

Expecting very solid growth for next 3-5 years, says Swiggy CEO

Swiggy said on Wednesday that it expects "very solid" growth in the next three to five years and plans to expand its store network and geographical footprint for Instamart's business.

The company said it has doubled the categories for quick commerce in the past year.

"We are expecting very solid growth for the next 3-5 years. We are expanding our geographical footprint, stores network for Instamart business," Swiggy CEO Sriharsha Majety said post the listing ceremony.

The ₹11,327-crore Swiggy IPO, with a price band of ₹371-₹390 per share, was subscribed 3.59 times. The initial share sale had new offering shares aggregating to ₹4,499 crore, along with an offer-for-sale of ₹6,828 crore.
To learn more about IPO listings, schedules, and upcoming IPOs, visit our page.

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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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