Swiggy IPO Listing: If there is an IPO like Swiggy, 500 employees became millionaires! Know how this miracle happened:

Swiggy IPO Listing: Today on Wednesday 13th November, the food delivery platform Swiggy got listed in the stock market. Swiggy has been listed on BSE and NSE . On BSE, its shares were listed at Rs 412 with a premium of 5.64 percent (Rs 22) over the IPO price i.e. Rs 390. On NSE, it was listed at Rs 420, with a gain of Rs 30 or 7.69 percent over the IPO price. As soon as the IPO came, 500 employees of Swiggy became crorepatis. This has happened due to ESOP (Employee Stock Ownership Plan). Know further what . Is ESOP is?

What Is ESOP (Employee Stock Ownership Plan)

Under ESOP, the employer gives its employees company stocks at little or no cost, which they can redeem after a certain period at a fixed price. That is, they get money in exchange for those shares.

More than 500 employees have fun

Swiggy's listing has brought joy to its more than 500 employees. Each of them earned Rs 1 crore after the company's listing on. The stock exchanges today's company. According to a Fortune India report, it is estimated that the company will pay ESOP options worth about Rs 9,000 crore to 5,000 current and former employees at a price band above Rs 390 per share.

In July this year, Swiggy had launched a Rs 500 crore ESOP buyback program for the company's employees.

ESOPs were allotted in April

Earlier, in April, the company had allotted ESOPs worth $271 million (Rs 2,287 crore) to its top management, including group C..EO Sriharsha Majety, co-founders Nandan Reddy and Phani Kishan Addepalli, CFO Rahul Bothra, CTO Madhusudan Rao, food marketplace CEO Rohit Kapoor, and Instamart CEO Amitesh Jha.

2nd Biggest IPO of 2024

Swiggy raised Rs 11,327 crore in India's second-largest IPO this year after Hyundai Motor India. Despite being the second-largest e-commerce and food delivery company, it received a tepid response to its public issue, which was offered between November 6-8 at a price band of Rs 371-390 per share.

Disclaimer: Here information about an IPO is given and not investment advice. There is risk in the equity market, so invest at your own risk. Do take expert advice before investing.