JSW One Platforms Files for ₹3,054 Crore IPO to Expand Technology and B2B Operations
New Delhi | September 26, 2026: JSW One Platforms Ltd has filed draft papers with the Securities and Exchange Board of India (SEBI) for an IPO of up to ₹3,054 crore, outlining plans to strengthen its technology infrastructure, support marketing and expand the financial resources of its subsidiaries. The proposed listing comes as the company reports rising revenue and gross merchandise value (GMV) from its digital platform serving manufacturing and construction businesses.
The proposed IPO comprises a fresh issue of shares worth up to ₹1,300 crore and an offer for sale (OFS) of ₹1,754.01 crore.
How the ₹3,054 Crore IPO Is Structured
The IPO will include two components:
- Fresh issue: Up to ₹1,300 crore, with proceeds going to the company.
- Offer for sale: ₹1,754.01 crore, involving existing shareholders.
JSW Steel Ltd, JSW Cement Ltd and Mitsui & Co Ltd will sell shares through the OFS component. Unlike the fresh issue, proceeds from the OFS will go to the selling shareholders.
The draft red herring prospectus was filed late Thursday, September 24.
Where JSW One Platforms Plans to Use the Funds
The company has outlined specific allocations for a large part of the fresh issue proceeds. These include:
- ₹125 crore investment in JSW One Distribution Ltd for marketing and brand-building activities.
- ₹500 crore investment in JSW One Finance Ltd to strengthen its capital base.
- Up to ₹350 crore for technology and platform development.
The remaining proceeds will be used for general corporate purposes. The planned investments are intended to support the platform's marketing, financing and technology capabilities.
A Digital Platform Connecting MSMEs With Suppliers
JSW One Platforms operates a technology-enabled business-to-business platform connecting micro, small and medium enterprises (MSMEs) with sellers of manufacturing and construction materials.
Its services extend beyond online commerce to include embedded financing, logistics, processing and customisation, and private brands. This integrated model aims to address several business requirements through a single platform.
As of June 30, 2026, the company reported:
- 95,611 registered customers
- 1,713 sellers
- 165 cumulative brands
- Operations across 6,963 serviceable pin codes
- 81 logistics partners
- 12 contract service centres
- 9 contract manufacturers
Revenue Rises 44.93% in FY26
JSW One Platforms reported revenue from operations of ₹5,743.39 crore in fiscal 2026, up 44.93% from ₹3,962.81 crore in the previous fiscal year.
Its GMV also increased, reaching ₹18,596.91 crore in FY26 compared with ₹12,564.84 crore in FY25.
For the three months ended June 30, 2026, the company reported revenue from operations of ₹1,642.45 crore and profit after tax of ₹14.21 crore. Its GMV during the quarter stood at ₹5,949.73 crore.
These figures provide a snapshot of the company's recent growth as it prepares for a proposed public listing.
India's B2B Market Offers Scope for Digitisation
According to the 1Lattice Industry Report cited in the draft papers, 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 FY26, while the construction products market was estimated at ₹11.30 lakh crore.
Digital penetration in B2B commerce across India's manufacturing and construction sectors stood at around 3% in FY26 estimates. The report identifies this low penetration as an indication of the potential for further digitisation.
For JSW One Platforms, this market context provides the backdrop for its plans to invest in technology and expand its platform capabilities.
What Happens Next for the IPO
The filing of the draft papers is an initial step in the IPO process. The proposed issue will need to progress through the regulatory process before the company can announce a final offer structure and launch timeline.
JM Financial, Kotak Mahindra Capital Company, ICICI Securities, SBI Capital Markets and PL Capital Markets have been appointed as book-running lead managers. KFin Technologies will act as the registrar.
Investors will be able to assess the proposed offer in greater detail as the IPO process advances and further disclosures become available.