Swiggy’s IPO: With the launch of Swiggy, an online platform that provides the facility of ordering food from hotels, in the stock market on Wednesday, more than 500 current and former employees of the company have joined the list of ‘crorepatis’. People associated with the matter said that Swiggy has allotted shares worth Rs 9,000 crore to 5,000 employees under the Employee Share Ownership Plan (ESOP) at the upper issue price limit of Rs 390 per share.ALSO READ: How was the listing of Swiggy in the stock market?
Employees will benefit from increase in share price: Employees will benefit from the company’s listing in the market and increase in share price. The company had kept the price range for the IPO (initial public offering) at Rs 371 to Rs 390 per share. Shares worth Rs 9,000 crore have been given to 5,000 former and current employees under the Employee Share Option Scheme, a person familiar with the matter said. Based on the upper limit of the price range (Rs 390), 500 out of 5,000 employees have joined the list of crorepatis.
Listed on NSE at Rs 420: Swiggy The shares were listed at Rs 420 on NSE on Wednesday, up 7.69 per cent from the issue price of Rs 390. The share was listed at Rs 412 on BSE, up 5.64 percent over the issue price. Later it increased by 7.67 percent to reach Rs 419.95. The market valuation of the company during early trading stood at Rs 89,549.08 crore.ALSO READ: Swiggy’s IPO, what is expected from investors, when will it be listed in the stock market?
Swiggy’s initial public offering of Rs 11,327 crore was subscribed 3.59 times. The company’s IPO closed on Friday. New shares worth Rs 4,499 crore were placed in the company’s IPO and shares worth Rs 6,828 crore were placed under the offer for sale.
According to Swiggy’s prospectus, it will use the proceeds from the new issue to invest in technology infrastructure, brand marketing and business promotion, debt repayment and acquisitions, among other corporate activities. (Language)
Edited by: Ravindra Gupta
