Swiggy‘s upcoming public market listing is expected to make about 500 employees crorepatis due to stock options given through the company’s ESOP (employee stock option plan) over the years.
Swiggy grants stock options to 3,965 employees, adds more
According to INC42, Swiggy granted stock options to 3,965 employees under its ESOP 2015 scheme. The ESOP 2021 plan included 67 employees, as well as key management personnel. The company also offered stock options under ESOP 2024, but it’s unclear how many employees received them.
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Sources mentioned that around 5,000 current and former Swiggy employees own shares in the company. Through its three stock option schemes, Swiggy has given a total of 22.97 crore stock options to its employees. At the highest IPO price range of INR 371-390, these stock options are worth about INR 8,959 crore (approximately $1.06 billion) in total.
Swiggy to list on NSE and BSE on Nov 13
Meanwhile, the food tech major’s shares will be listed on the BSE and NSE on Wednesday (November 13). The IPO was oversubscribed by 3.59 times, receiving bids for 57.53 crore shares compared to the 16.01 crore shares available. The total IPO size was INR 11,324 crore, with a fresh issue of INR 4,999 crore and an offer for sale (OFS) of 17.5 crore shares.
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Further, Tencent, Alpha Wave, Goldman Sachs Asia, Norwest Venture Partners, and Times Internet, among others, sold their shares in the OFS. Swiggy’s early investors, Accel India and Elevation Capital, will gain over 34 times their original investment by selling part of their stake. Meanwhile, Prosus will earn INR 4,254.7 crore (about $500 million), achieving a 3X return on its investment from the IPO.
Founders Sriharsha Majety, Nandan Reddy, and Rahul Jaimini are also set to earn significant amounts from the IPO. Reddy and Majety will each get INR 68.08 crore by selling 17.45 lakh shares, while Jaimini will earn INR 45.38 crore by selling 11.63 lakh shares.
