• Source:JND
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Stock Market:  Swiggy's eagerly anticipated stock market debut on Wednesday catapulted over 500 current and former employees into the "crorepati" club, with the food delivery and instant commerce major's listing likely to provide Rs 9,000 crore in ESOPs for 5,000 employees, reported several media reports. Swiggy's initial share sale had a price range of Rs 371-390 per share.

On Wednesday, Swiggy shares were listed on the NSE at a premium of roughly 8% above the issue price of Rs 390. The firm's shares debuted on the market at Rs 420, a 7.69 per cent increase from the issue price. The stock debuted at Rs 412 on the BSE, a 5.64 per cent increase from the issue price. It later climbed 7.67 per cent to Rs 419.95. During early trading, the company's market value was Rs 89,549.08 crore.

"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," PTI Quoted a person.

Swiggy's Rs 11,327 crore initial public offering received full subscriptions on Friday, the final day of the share sale, which ended with a 3.59 times subscription.
The corporation's IPO (initial public offering) comprised a fresh issue of shares worth Rs 4,499 crore, as well as an offer-for-sale (OFS) of Rs 6,828 crore.

Also Read: Stock Market: Sensex Closes 984 Points Lower At 77,690.95; Nifty Down 324 Points At 23,559.05

According to the prospectus, the corporation intends to use the proceeds from the new issue to invest in technology and cloud infrastructure, brand marketing and business development, and debt repayment. Funds will also be allocated for inorganic expansion and general corporate purposes.

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The BSE benchmark Sensex finished down 984.23 points, or 1.25 percent, at 77,690.95, continuing its slide from the prior day. During the trading day, it fell 1,141.88 points, or 1.45 percent, to 77,533.30. The NSE Nifty dropped 324.40 points, or 1.36 percent, to 23,559.05, marking its fifth day of decline.

Also read: 'You And I...': Zomato Shares Special Message On X As Rival Swiggy Makes Market Debut

(With Agencies Inputs)

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