JSW One Platforms files draft papers to raise up to ₹3,054 crore through IPO

JSW One Platforms Ltd, a technology-enabled B2B platform serving the manufacturing and construction sectors, has filed draft papers with the Securities and Exchange Board of India (Sebi) to raise up to ₹3,054 crore through an initial public offering (IPO). 

According to the draft red herring prospectus (DRHP) filed late Thursday, the proposed IPO comprises a fresh issue of equity shares worth up to ₹1,300 crore and an offer for sale (OFS) of shares worth up to ₹1,754.01 crore. 

The OFS will comprise shares sold by JSW Steel Ltd, JSW Cement Ltd, and Mitsui & Co Ltd. 

Where will JSW One Platforms use the IPO proceeds? 

The company plans to use ₹125 crore from the fresh issue for marketing and brand-building activities at its subsidiary JSW One Distribution Ltd. Another ₹500 crore will be invested in JSW One Finance Ltd to augment its capital base. 

Up to ₹350 crore will be used for technology and platform development, while the remaining proceeds will be deployed for general corporate purposes. 

JSW One Platforms operates an integrated digital B2B platform that connects micro, small and medium enterprises (MSMEs) with sellers of manufacturing and construction materials. Its offerings span commerce, embedded financing, logistics, processing and customisation, as well as private brands. 

As of June 30, 2026, the platform had 95,611 registered customers, 1,713 sellers and 165 cumulative brands, with a network covering 6,963 serviceable PIN codes. It is supported by 81 logistics partners, 12 contract service centres and nine contract manufacturers. 

How fast is JSW One Platforms growing? 

The company's revenue from operations rose 44.93% to ₹5,743.39 crore in fiscal 2026 from ₹3,962.81 crore in the previous fiscal. Its gross merchandise value (GMV) increased to ₹18,596.91 crore from ₹12,564.84 crore during the same period. 

For the quarter ended June 30, 2026, revenue from operations stood at ₹1,642.45 crore while profit after tax was ₹14.21 crore. GMV during the quarter stood at ₹5,949.73 crore. 

According to the 1Lattice Industry Report cited in the DRHP, India's B2B trade market is estimated at around $2 trillion. The addressable market for manufacturing products was estimated at ₹8.84 lakh crore in fiscal 2026, while the construction products market was pegged at around ₹11.30 lakh crore. 

Digital penetration of B2B commerce across India's manufacturing and construction sectors stood at around 3% in fiscal 2026E, suggesting significant scope for further digitisation, the report said. 

JM Financial, Kotak Mahindra Capital Company, ICICI Securities, SBI Capital Markets, and PL Capital Markets are the book-running lead managers for the issue. KFin Technologies is the registrar to the offer.