Swiggy IPO listing: Around 500 employees likely to become crorepatis

Swiggy’s much-anticipated IPO may not deliver major listing gains for retail investors, but it promises a significant windfall for employees holding ESOPs.
Around 5,000 current and former employees are poised to benefit from an estimated Rs 9,000 crore in wealth creation through stock options, reported The Economic Times. And close to 500 employees could join the ‘crorepati’ club post-listing, making this a standout offering in the Indian startup landscape.
Swiggy’s IPO, set to raise Rs 11,327 crore, has a price band of Rs 371-390 per share. The grey market premium (GMP) of Rs 2, however, indicates only a marginal gain of 0.51% above the issue price, suggesting a subdued listing on Wednesday.
The ET report noted that the founders and top management hold significant ESOPs from Swiggy’s recent stock plan, including Group CEO Sriharsha Majety, cofounders Nandan Reddy and Phani Kishan Addepalli, and other senior leaders.
Swiggy’s ESOP liquidation stands alongside only a few high-profile cases in India’s startup ecosystem, with Flipkart’s buyback events among the largest.
The IPO has seen a mixed response. While the retail segment was moderately subscribed at 1.14 times, institutional interest was stronger, with the QIB portion subscribed over six times.
Founded in 2014, Swiggy has expanded to partner with over 200,000 restaurants across India, competing with Zomato, Amazon, and Tata BigBasket.
Despite reporting a loss of Rs 2,350 crore in FY2024, Swiggy continues to grow, signaling potential for future gains in a highly competitive market.