Jio Platforms IPO draws strong demand within hours; Eternal Q2 net profit rises 92%
The qualified institutional investors showed strong interest for the IPO of Jio Platforms with subscription crossing 4x.
Jio Platforms executed a successful IPO on the opening day, receiving strong demand from institutional buyers within two hours. The Rs 30,213 crore offering saw QIB subscription nearly five times over. Jio's strategic focus spans telecom, AI, cloud services, and digital offerings, though retail and non-institutional investor engagement appeared limited.
Concurrently, AI industry dynamics were shifting, with OpenAI broadening its AI model reach to Google Cloud, while also sparking discussions on regulation amid a $25 million political group opposing AI oversight. Cybersecurity pressures cropped up as eMudhra faced scrutiny over weak intermediate certificate authority keys, resulting in heightened browser security measures.
Meanwhile, Eternal reported a remarkable 92.3% year-on-year increase in Q2 FY27 net profit to Rs 125 crore, with revenue surging 78% to Rs 24,138 crore. Blinkit contributed significantly, with net order value up 79.3% and adjusted EBITDA turning profitable. However, Eternal's Q2 profit fell short of analyst estimates, despite a 21.5% rise in Zomato's food delivery net order value.
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Also reported by 2 other outlets
- Eternal’s strong Q2 report; Exits outpace hiring at top IT firms economictimes.indiatimes.com
- Stocks making the biggest moves after hours: Meta Platforms, Tesla, Lam Research, IBM & more cnbc.com
