Swiggy’s much-anticipated initial public offering (IPO) made a robust debut in the Indian stock market, listing at Rs 420 on the National Stock Exchange (NSE), reflecting a 7.7% premium over its issue price of Rs 390. On the Bombay Stock Exchange (BSE), shares opened at Rs 412, representing a 5.64% increase from the IPO price. This successful listing follows an oversubscription of the IPO by more than three times, raising a significant $1.4 billion in one of the largest offerings in India’s startup ecosystem.
The IPO marks a major milestone for the Indian food delivery aggregator, placing Swiggy among the leading players in the startup sector and signaling its growing prominence, akin to major names such as Flipkart. The IPO’s success has also paved the way for substantial wealth creation within Swiggy’s workforce. Approximately 500 Swiggy employees are expected to join India’s ‘Crorepati’ club as the IPO unlocks Rs 9,000 crore in employee stock options (ESOPs).
This wealth creation event underlines Swiggy’s commitment to rewarding its employees and fostering a culture of ownership and growth within the company. The strong market response and the significant valuation placed on ESOPs emphasize the optimism surrounding Swiggy’s growth trajectory and its potential to continue driving innovation in India’s burgeoning digital economy.
