Swiggy IPO Success Unlocks Massive Employee Wealth

Swiggy made a notable debut on the stock market with its IPO, listing at a 7.69% premium on the NSE and a 5.64% premium on the BSE, compared to the issue price of Rs 390. The Rs 11,300 crore IPO was oversubscribed by 3.59 times, with strong interest from Qualified Institutional Buyers, who oversubscribed by 6.02 times. Zomato, Swiggy's competitor, humorously welcomed Swiggy to the market with social media posts, reflecting a friendly rivalry. Swiggy's IPO is significant not only for its size but also for unlocking Rs 9,000 crore in employee stock options, creating substantial wealth for its employees. Despite initial losses in recent financial years, Swiggy's revenue has grown, indicating investor confidence in its future prospects. The IPO is seen as a major event in India's startup ecosystem, comparable to Flipkart's past success.