Swiggy IPO creates over 500 millionaires as shares debut at premium

Swiggy's IPO on November 13, 2024, has made over 500 employees millionaires, unlocking ₹9,000 crore in employee stock options (ESOPs) for 5,000 staff members. The shares debuted at ₹420, an 8% increase from the issue price of ₹390. The IPO was fully subscribed, with a total value of ₹11,327 crore, and saw a subscription rate of 3.59 times. The company plans to use the funds for technology investments, marketing, debt repayment, and other corporate purposes. Swiggy's market valuation reached ₹89,549 crore shortly after its stock market debut. The initial share sale included a fresh issue of ₹4,499 crore and an offer for sale of ₹6,828 crore.