Swiggy's $1.3 billion IPO stock market debut have emerged as one of India's largest liquidity events, with early backers including Prosus, Accel, Elevation Capital, and SoftBank making significant gains.
While existing shareholders profitably sold equities worth Rs 6,400 crore in the offer-for-sale (OFS), the 17% listing premium on the BSE on Wednesday increased the value of their remaining ownership.
Swiggy's largest shareholder, South African and Dutch technology giant Prosus, has a stake of about Rs 26,507 crore, deducting the Rs 4,166 crore it received through the OFS.
"Our intent is to be a long-term investor in Swiggy and we will evaluate as conditions on investment ...," Tu added.
Masayoshi Son's SoftBank, which originally bet on Swiggy in 2021, is sitting on $1 billion in value for its $450 million investment in Swiggy as of Wednesday's trade close, when Swiggy's market capitalisation was Rs 1,02,062 crore.
Accel, a venture capital firm that has invested $75 million in the company, currently owns a 4% interest worth Rs 4,310 crore. This represents a 35x return on investment, one of the highest for the Silicon Valley fund.
Elevation Capital sees a 34x return on investment with a 2.63% stake worth Rs 2,816 crore. Norwest Venture Partners sees a 26x return on its holding of Rs 2,926 crore.
Founders and Workers Cash In
Swiggy's chief executive, Sriharsha Majety, owns a share in the company worth Rs 5,381 crore ($640 million), followed by cofounders Nandan Reddy and Rahul Jaimini, who own Rs 1,705.3 crore ($203 million) and Rs1,108.3 crore ($132 million) respectively.
"For me, sinking in has been a long process, and today is just another day of it. "The last few months have been spent preparing for this day and what comes next, and here we are," Majety said at the listing ceremony in Mumbai.
It was reported, the company's listing is expected to unleash Rs 9,000 crore in employee stock options, propelling roughly 500 Swiggy employees into the 'crorepati' club.
Following the offering, Swiggy's shares achieved an intra-day high of Rs 465.3 before closing at Rs 455.95, representing a roughly 17% premium and nearly reaching the upper circuit limit.
