IPO frenzy mints billion-dollar Esop windfall for startup staff

The surge in IPOs in 2025 turned employee stock options from largely notional rewards into real wealth, with startup employees cashing out a record $1 billion through public listings.

- Priyamvada C.

Data analysed by equity management platform Qapita shows that 16 startups went for mainboard IPO this year, enabling employees to monetise Esops worth a cumulative $1 billion. This compares with $807 million unlocked across 10 startups in 2024 and just $39 million across four startups in 2023.

Much of this employee wealth creation was driven by listings of consumer and fintech startups such as Meesho, Groww, Urban Company, Pine Labs and PhysicsWallah, which together accounted for a significant share of Esop monetisation during the year, the data showed.