JSW One Platforms Files DRHP With SEBI to Raise Up to Rs 3,054 Crore via IPO

JSW One Platforms Limited, the business-to-business (B2B) digital commerce arm of the Sajjan Jindal-led JSW Group, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) alongside domestic stock exchanges BSE and NSE to execute an initial public offering (IPO) of up to Rs 3,054 crore.

The filing follows a disclosure made by parent company JSW Steel, confirming that the digital platform business has formally initiated the regulatory approval process to launch the share sale.

Issue Structure and Selling Shareholders

The proposed IPO consists of two components:

• Fresh Issue: Equity shares aggregating up to Rs 1,300 crore to be issued directly by the company.
• Offer for Sale (OFS): Up to Rs 1,754.01 crore worth of shares offloaded by existing shareholders and promoters.

Under the offer-for-sale window, JSW Steel is set to dilute shares valued at approximately Rs 811 crore, while JSW Cement will offload shares worth about Rs 123 crore. Japanese strategic partner and conglomerate Mitsui & Co., which holds roughly a 7% stake in the platform, will sell shares worth about Rs 820 crore. Promoters collectively control over 81% of JSW One Platforms.

The company is also evaluating a pre-IPO placement of up to Rs 260 crore; if executed, the amount raised will proportionally reduce the fresh issue size.

Utilisation of Proceeds

The primary capital raised via the fresh issue is slated to fund business expansion, distribution, and lending capabilities across the industrial commerce ecosystem.

Planned Capital Allocation:

• JSW One Finance: Rs 500 crore will be infused to strengthen the capital base of its lending and embedded finance subsidiary.
• Technology & Platform: Up to Rs 350 crore will be allocated toward continuous development of technology infrastructure and platform capabilities.
• JSW One Distribution: Rs 125 crore will be deployed toward marketing and brand-building activities.
• General Corporate Needs: The remainder of the fresh issue proceeds will be used for general corporate purposes.

Platform Footprint and Market Reach

Founded to streamline fragmented industrial procurement in India, JSW One Platforms operates a full-stack digital marketplace connecting small and medium enterprises (MSMEs) with producers of steel, cement, building materials, and allied industrial goods. In addition to product procurement, the platform provides embedded financing, logistics management, processing, and private-label products.

As of June 30, 2026, the platform had 95,611 registered customer businesses and 1,713 vendors, supplying across 165 cumulative brands. Its logistics and distribution infrastructure spans 6,963 serviceable pin codes, supported by 81 logistics partners, 12 contract service centres, and 9 contract manufacturing units.

Financial Turnaround and Revenue Growth

The draft papers indicate robust top-line momentum and narrowing operating losses. In FY26, JSW One Platforms generated revenue from operations of Rs 5,743.39 crore, marking a 44.9% increase compared to Rs 3,962 crore reported in FY25.

Concurrently, the company cut its net losses by more than half to Rs 106 crore in FY26, compared to a loss of Rs 217 crore in FY25. For the first quarter ending June 30, 2026, the company posted a net profit of Rs 14.2 crore on operating revenue of Rs 1,642 crore.

The IPO's book running lead managers are Kotak Mahindra Capital Company, JM Financial, ICICI Securities, SBI Capital Markets, and PL Capital Markets. The final listing timeline remains subject to regulatory clearance from SEBI and broader secondary market conditions.

Tags: JSW One Platforms JSW Steel SEBI IPO B2B E-Commerce Sajjan Jindal