Shiprocket trims IPO size; Google's AI leadership shake-up
Shiprocket is set to launch its IPO after lowering its issue size. This and more in today's ETtech Top 5.
Shiprocket reduces IPO size by 30% to Rs 1,617 crore, with the issue opening on August 12 at a price band of Rs 92-97 per share. The company's valuation will be around Rs 7,056 crore, 30% lower than its last fundraising round in December 2024. Shiprocket's largest shareholder, Bertelsmann, holds a 21% stake worth Rs 1,316 crore at the IPO price.
Meanwhile, Google's AI leadership undergoes a reshuffle. Demis Hassabis, Alphabet's chief scientist and DeepMind CEO, will step down from day-to-day management and become Alphabet's chief scientist. He will also serve as chairman of DeepMind. Koray Kavukcuoglu, formerly the CTO of DeepMind, will take over as senior vice president, continuing his role as Alphabet's chief AI architect.
Several key members of the Gemini team have departed, including Jeff Dean, Sanjay Ghemawat, Oriol Vinyals, and Quoc Le, who have co-founded a public benefit corporation called Discovery Loop.
Written by urgent.news from Economic Times Tech's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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