Swiggy co-founders could see gains of nearly Rs 180 crore during the company’s initial public offering between November 6 and November 8.
Sriharsha Majety and Lakshmi Nandan Reddy Obul stand to book Rs 68 crore in gains each when the company goes public next week. Both have pledged up to 0.78% of their current shareholding for the IPO. Majety is currently the managing director of the company while Obul is a whole-time director and the head of innovation.
Rahul Jaimini, also a co-founder though he has moved on from the management of Swiggy, stands to gain Rs 45 crore, with a stake dilution of 0.52%.
The fourth co-founder Phani Kishan Addepalli, who is also the chief growth officer at Swiggy will not be selling any of his shares in the company.
Pre-listing, Majety holds 5.36% in Swiggy, Obul holds 1.175%, Jaimini holds 1.14% and Addepalli holds 0.23% in the company.
Also ReadSwiggy IPO to open on November 06: 6 things you need to know including price band, issue details, proceeds, listing day
Swiggy, which offers food and grocery delivery on its platform, is looking to raise Rs 11, 330 crore from its IPO through a combination of fresh issue and offer-for-sale.
In the run up to the IPO, Swiggy attracted investors like Madhuri Dixit Nene, Amitabh Bachchan (through the family office), Rahul Dravid, Zaheer Khan and Karan Johar. All these were secondary transactions (shares bought from existing shareholders).
Earlier, Sachin Tendulkar and his wife Anjali Tendulkar had also invested in the company. The two were allotted bonus compulsory convertible preference shares (CCPS) in February 2022.
Tendulkar has not announced his exit from Swiggy so far.
The investments and stakes held by Dixit, Johar and other recent individual investors is not known.
More recently, it was reported that the former Team India opener is partnering with former Swiggy executives Karthik Gurumurthy and Karan Arora to launch an athleisure brand.
The venture is backed by early-stage venture fund Whiteboard Capital, and will operate under the SRT10 Athleisure Pvt Ltd, where both Tendulkar and Whiteboard Capital are board members.
One of the early-stage individual investors is Cipla’s former executive vice-president Samina Hamied who holds 0.02% in the company and has pledged some amount during the IPO.
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