JSW One Platforms Files DRHP with SEBI for ₹3,054 Crore IPO

JSW One Platforms Limited, the technology-enabled business-to-business (B2B) commerce marketplace promoted by the Sajjan Jindal-led JSW Group, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to mobilize up to ₹3,054 crore through an initial public offering (IPO).

Issue Structure and Selling Shareholders

The public offering features a combination of fresh capital and a secondary share sale:

• Fresh Issue: Equity shares aggregating up to ₹1,300 crore.
• Offer for Sale (OFS): Equity shares worth up to ₹1,754.01 crore.

Under the OFS component, promoter entities JSW Steel Limited and JSW Cement Limited plan to sell shares worth ₹811 crore and ₹123 crore, respectively, totaling ₹933 crore. Strategic investor Mitsui & Co. Ltd, which holds a 7.01% stake in the firm, plans to offload shares worth ₹820 crore.

The company may also evaluate a pre-IPO placement of up to ₹260 crore, which, if executed, will proportionately reduce the fresh issue size.

Objectives of the Issue

From the net proceeds generated via the fresh issue, JSW One Platforms plans to deploy capital into digital infrastructure, marketing, and working capital expansion across its operating units:

• ₹500 crore to augment the capital base of subsidiary JSW One Finance Limited to support business expansion and financing solutions.
• ₹350 crore dedicated to technology infrastructure and platform development.
• ₹125 crore allocated to subsidiary JSW One Distribution Limited to fund marketing and brand-building campaigns.
• The balance will be deployed toward general corporate purposes.

Business Profile and Reach

JSW One Platforms operates an integrated digital marketplace that supplies raw materials, equipment, and building solutions to micro, small, and medium enterprises (MSMEs) and corporate clients. Its capabilities span commercial trading, embedded credit, digital logistics, material processing, and proprietary private labels.

As of June 30, 2026, the company’s operating footprint included:

• 95,611 registered customers across India.
• 1,713 registered vendors and 165 cumulative brands.
• Delivery access across 6,963 serviceable PIN codes.
• Fulfillment support handled via 81 logistics partners, 12 contract service centres, and 9 contract manufacturers.

Financial Snapshot

The draft papers show consistent top-line growth alongside a narrowing operating deficit and a shift into quarterly profitability.

In the financial year ended March 31, 2026 (FY26), operational revenue increased by 44.93% to ₹5,743.39 crore from ₹3,962.81 crore in FY25. Concurrently, consolidated net losses narrowed significantly to ₹106.4 crore from ₹217 crore in the previous fiscal year. Gross Merchandise Value (GMV) expanded to ₹18,596.91 crore in FY26 compared to ₹12,564.84 crore in FY25.

For the first quarter ended June 30, 2026 (Q1 FY27), the company recorded revenue from operations of ₹1,642.45 crore, generating a profit after tax of ₹14.21 crore on a quarterly GMV of ₹5,949.73 crore.

Industry Landscape and Intermediaries

According to industry data cited in the DRHP, India’s broader B2B trade market stands at approximately $2 trillion, with digital penetration in manufacturing and construction material commerce estimated at nearly 3%.

The book-running lead managers appointed to manage the flotation are JM Financial, Kotak Mahindra Capital Company, ICICI Securities, SBI Capital Markets, and PL Capital Markets. KFin Technologies will serve as the registrar to the issue. The equity shares will be listed on both the BSE and the National Stock Exchange of India (NSE).

Tags: JSW One Platforms SEBI JSW Steel JSW Cement Mitsui & Co IPO