Swiggy’s much-anticipated stock market debut on Wednesday sent shockwaves through the industry, propelling more than 500 current and former employees into the “croreates” club. The listing of the fast food delivery and commerce giant is expected to unlock a massive Rs 9,000 crore in employee stock option plans (ESOPs) for around 5,000 staff members, according to a PTI report citing sources familiar with problem.

Swiggy’s initial public offering (IPO) set the price range at Rs 371 to Rs 390 per share, marking a significant milestone for the company and its employees.

“The total employee stock option plan (ESOP) is worth 9,000 crores, 5,000 past and present employees owning. is gearing up to become crorepatis,” a person in the know shared, requesting anonymity in the report.

Shares of Swiggy made a strong market debut on Wednesday, trading at a premium of nearly 8% to its issue price of Rs 390 on the NSE. The stock opened at Rs 420, reflecting a rise of 7.69% over its issue price, and later settled at Rs 419.95, marking a rise of 7.67%. On the BSE, the stock listed at Rs 412, up 5.64% from its issue price, before rising further during the trading session.

At the time of listing, Swiggy’s market capitalization stood at an impressive Rs 89,549.08 crore.

Swiggy’s Rs 11,327 crore IPO was fully subscribed by the last day of the share sale, oversubscribed 3.59 times. The IPO included a fresh issue of Rs 4,499 crore in shares alongside an offer for sale (OFS) of Rs 6,828 crore.

As outlined in the company’s draft documents, Swiggy plans to use the proceeds from the new issue for key investments in technology and cloud infrastructure, brand marketing, business promotions, debt reduction and inorganic growth initiatives. In addition, the funds will be allocated for general corporate purposes.

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