Swiggy IPO: ESOPs Set To Fetch Employees Rs 8,960 Crore In Value
Swiggy shares will debut on the stock exchanges on Wednesday, raising Rs 11,327.43 crore through an oversubscribed IPO. Employee ESOPs are valued at Rs 8,960 crore.
Swiggy Ltd. shares are set to make their debut on the stock exchanges on Wednesday, after raising Rs 11,327.43 crore through an oversubscribed IPO last week.
The company had three employee stock option schemes in 2015, 2021, and 2024, and over 4,000 employees were granted ESOPs. The total number of options outstanding is equivalent to nearly 23 crore shares. That means, at the issue price of Rs 390 apiece, it values them at Rs 8,960 crore.
Over 89 lakh shares have been exercised, meaning they have been converted from options to shares. It is valued at Rs 350 crore at the IPO price.
Some notable shareholders, including founders and big foreign investment firms, sold their shares to the public. The Swiggy IPO featured a fresh issue of 11.54 crore equity shares worth Rs 4,499 crore alongside an offer for sale of 17.51 crore shares of about Rs 6,828.43 crore.
Those selling shares via OFS owned a combined 63.56% of pre-offer paid-up equity share capital on a fully diluted basis.
Selling Individual Shareholders
Co-founders Sriharsha Majety and Lakshmi Nandan Reddy Obul will offload 17.45 lakh shares each via the OFS route. Majety held 5.36% stake pre-IPO, while Obul had 1.75%.
Former chief technology officer Rahul Jaimini sold 11.63 lakh shares. His stake comes at 1.14%.
Cipla Ltd.'s Samina Hamied has also offered to sell 27,520 shares. She had a shareholding of 0.02%.
Selling Corporate Shareholders
MIH India Food Holdings B.V., an affiliate of South African multinational tech and multimedia holding company Naspers Ltd., is the largest shareholder in Swiggy, owning up to 30.93%. It had invested Rs 2,230.5 crore in fiscal 2022. The firm offloaded 10.9 crore shares, or 15.8% of its holding, through the OFS.
Other prominent shareholders, like US venture capital firm Accel, which owned 4.71%, sold 10.5 crore shares.
Chinese tech giant Tencent Holdings, via an arm, sold 63.2 lakh shares. Tencent Cloud Europe BV held 3.64% equity.
Other notable shareholders:
Elevation Capital V Ltd. (3.1% stake)
Norwest Venture Partners VII-A-Mauritius (3.16%)
Inspired Elite Investments Ltd. (1.46%)
HH BTPL Holdings II Pte. (1.16%)
Cayman Islands-based PE firm DST Global (1.95%)
US technology-focused investment management firm Coatue (1.89%)
Russian PE firm Apoletto Asia will exit Swiggy by offloading its entire 0.5% stake.
