As Swiggy prepares to list its equity in the stock market on Wednesday, nearly 500 employees will enter the Crorepati Club due to their stakes in the food delivery platform.

Dubbed the biggest wealth-creation event in the Indian startup sector, Swiggy's IPO will create a Rs 8,690 crore windfall through the employee stock ownership plan (ESOP) which will benefit 5,000 present and former staffers. Bengaluru headquartered Swiggy has already distributed Rs 500 crore to its employees in the form of ESOPs.

Flipkart, too, had faced a comparable liquidation level earlier. After Walmart acquisition, Flipkart employee accounted for the much large $700-million ESOP buyback programme last year. The scheme covered about 20,000 employees and they became eligible for big money through stock equity.

Swiggy did not respond to an email before the time of writing. The development was first reported by a news website called The Arc .

Swiggy's shares are slated to begin trading on the stock exchanges as the public issue was subscribed 3.5 times. The Rs 11,327-crore IPO amounting to about $1.4 billion is the second largest public issue to hit the exchanges this year after Hyundai Motor India's Rs 27,870-crore listing.

This will also be the biggest technology firm public offering since the Paytm IPO in 2019. The company has kept a price band at Rs 371-390 per equity share for the IPO. It would open to trading on bourses on Wednesday. The company's public issue was subscribed 3.59 times, primarily driven by interest from institutional investors.

Nasdaq-listed SaaS major Freshworks created vast wealth for its employees in 2021, with 500 staff turning crorepatis. Its founder Girish Mathrubootham said that out of such newly minted crorepatis, 70 employees were below 30 years.