Swiggy's IPO likely to create 500 crorepatis today

Swiggy's much-anticipated stock market debut on Wednesday catapulted over 500 current and former employees to the "crorepati" club, with the food delivery and quick commerce major's listing poised to unlock Rs 9,000 crore in ESOPs for 5,000 staffers, people aware of the details said.

Swiggy's initial share sale had a price range of Rs 371-390 a share.

"The total Employee Stock Option Plan (ESOP) pool is worth Rs 9,000 crore, with 5,000 past as well as present employees holding them. At the upper price range of the initial share price (Rs 390), 500 employees out of the 5,000 are set to become crorepatis," a person in the know shared the details requesting anonymity.

On Wednesday, shares of Swiggy were listed with a premium of nearly 8 per cent against the issue price of Rs 390 on NSE.