Hello,
Global high-tech firms are racing towards Wall Street.
A week after Anthropic submitted its confidential S-1 prospectus, OpenAI too has set in motion its IPO ambitions.
The ChatGPT-maker has filed a confidential S-1 prospectus with the US Securities and Exchange Commission. This allows the AI major to kickstart regulatory reviews while keeping its financial details and strategies away from public scrutiny.
Another AI firm Perplexity is also planning to go public in 2028, irrespective of how the market responds to the listings of Anthropic and OpenAI, CNBC reported, citing an interview with CEO Aravind Srinivas.
Meanwhile, SpaceX will make its stock market debut later this week. Find out why all eyes are on what could be Elon Musk’s biggest gamble till date.
In other news, China is planning to invest $295 billion in the next five years to build data centres across the country, as it takes on the United States in the global AI race, Bloomberg News reports.
Lastly, Apple has given a significant makeover to Siri, its digital assistant, promising a better and safer AI experience for users. Drawing from users’ past interactions with the app, Siri AI would serve as a more capable and conversational assistant than the current version, the company said.
In today’s newsletter, we will talk about
- Zepto’s IPO ambition
- Singappen Special Force
Here’s your trivia for today: What is the last name of the business tycoon behind the ‘No. 5’ perfume?
Corporate
Zepto’s IPO ambition
Quick-commerce unicorn Zepto has filed its updated draft red herring prospectus with plans to raise Rs 8,010 crore through fresh issue of shares and an offer for sale for 11.35 crore shares from existing investors.
This will be a much awaited initial public offering (IPO) as Zepto intensely competes against Eternal’s Blinkit and Swiggy’s Instamart in the quick commerce space.
Key takeaways:
- The shareholders selling in the planned IPO will be Nexus Ventures, Contrary ZEP Holdings, Razor Ventures Zepto, Kaiser Foundation Hospitals, and Kaiser Permanente Group Trust.
- Zepto plans to use the proceeds of the proposed IPO towards expanding its dark stores network, technology, marketing, and acquisitions.
- Zepto reported a revenue of Rs 22,624 crore for FY26 compared to Rs 11,110 crore in FY25. However, the losses widened to Rs 5,905 crore in FY26 compared to Rs 4,700 crore in FY25.
Women’s safety
Singappen Special Force
Tamil Nadu Chief Minister C. Joseph Vijay on Tuesday launched the Singappen Special Force, a dedicated police unit to strengthen the safety and security of women across the state.
An initial outlay of Rs 354 crore has been allotted under the Singappen Athiradi Thittam (action plan). The initiative is expected to create 2,500 jobs.
Focus areas:
- The special force will patrol and monitor public spaces, identify vulnerable areas, and implement corrective measures to improve safety. It will focus on preventing harassment of women and children in public places, enhancing police visibility, and fostering greater public confidence.
- The initiative also seeks to promote community participation and build a more women- and child-friendly society.
- The CM said offenders would face swift action, with the police fast-tracking investigations and charge sheets, and the judicial system ensuring strict punishment for those convicted.
News & updates
- EV market: BYD’s Executive Vice President Stella Li predicts that 80% of China car sales will soon be electric. Li’s statements come as Chinese demand for gas-powered cars has slowed on rising fuel costs.
- AI wave: China’s export growth accelerated in May, driven by demand for chips, autos, and other high-tech goods fuelling the global AI boom. This provides policymakers some relief as energy price shocks from the Iran conflict weigh on broader demand.
- Stocks recovery: The global stock markets marked a tentative recovery from a bout of volatility led by an aggressive sell-off in global technology names. Despite the recovery, investors are warning that markets are vulnerable to volatility.
What is the last name of the business tycoon behind the ‘No. 5’ perfume?
Answer: Chanel
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