JSW One Platforms Files Draft Papers For ₹3,054 Crore IPO

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

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, according to the draft red herring prospectus (DRHP) filed late Thursday night.

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

The company plans to use the net proceeds from the fresh issue to invest ₹125 crore in JSW One Distribution Ltd towards marketing and brand-building activities, ₹500 crore in JSW One Finance Ltd to augment its capital base and up to ₹350 crore for technology and platform development.

The remaining proceeds will be used for general corporate purposes.

JSW One Platforms operates an integrated digital platform that connects MSMEs with sellers of manufacturing and construction materials. Its offerings include commerce, embedded financing, logistics, processing and customisation, and private brands.

As of June 30, 2026, the platform had 95,611 registered customers, 1,713 sellers and 165 cumulative brands, with a network spanning 6,963 serviceable pin codes.

The company is supported by 81 logistics partners, 12 contract service centres and 9 contract manufacturers.

Its revenue from operations rose 44.93% to ₹5,743.39 crore in fiscal 2026 from ₹3,962.81 crore in the previous fiscal.

Gross merchandise value (GMV) increased to ₹18,596.91 crore in fiscal 2026 from ₹12,564.84 crore in fiscal 2025.

For the three months ended June 30, 2026, the company reported revenue from operations of ₹1,642.45 crore, while profit after tax stood at ₹14.21 crore. Its GMV was ₹5,949.73 crore.

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

Digital penetration of B2B commerce across India's manufacturing and construction sectors stood at around 3% in fiscal 2026E, indicating 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, while KFin Technologies is the registrar for the offer.