Swiggy's IPO Debut Soars, Creating 500 Crorepati Employees

The food delivery giant's market entry raises $1.34 billion, marking India's second-largest IPO this year.

Swiggy shares surged nearly 17% on their first trading day, closing at Rs 456, significantly above the Rs 390 issue price.
The IPO unlocked Rs 9,000 crore in ESOP wealth, turning approximately 500 current and former employees into crorepatis.
Major investors Prosus and Tencent saw substantial returns, with Prosus making a $2.12 billion profit from its investment.
Despite ongoing losses, Swiggy plans to use IPO funds to expand its quick commerce service Instamart and improve its technology infrastructure.
Swiggy's market debut was warmly received, though it still trails behind rival Zomato in market share and profitability metrics.