JSW One Platforms, the B2B commerce company promoted by the JSW Group and backed by Japanese conglomerate Mitsui & Co, has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise ₹3,054 crore through an initial public offering (IPO).
The company filed its Draft Red Herring Prospectus (DRHP) on September 24. The proposed IPO will include a fresh issue of ₹1,300 crore and an offer for sale (OFS) of shares worth up to ₹1,754 crore by existing shareholders.
The IPO will give JSW One Platforms access to fresh capital as it looks to expand its B2B digital commerce business serving India’s manufacturing and construction sectors.
JSW One Platforms connects businesses with suppliers of manufacturing and construction products. Its platform also brings together contract service centres, contract manufacturers, financing partners and logistics providers.
The company is part of the wider JSW Group, which has businesses across steel, cement, energy, infrastructure and logistics.
The OFS portion of the IPO will allow existing shareholders to sell part of their holdings.
JSW Steel plans to sell shares worth ₹811 crore, while JSW Cement will sell shares worth ₹123 crore. Mitsui & Co, which is also an investor in the company, will sell shares worth ₹820 crore.
The company may also raise up to ₹260 crore through a pre-IPO placement before the public issue. If the pre-IPO placement takes place, the fresh issue will be reduced by the amount raised through that route.
At the time of filing, promoters held 81.52% of JSW One Platforms. Mitsui & Co held a 7.01% stake, while Principal Funds and State Bank of India held 1.29% and 1.25%, respectively.
The fresh issue will mainly fund the company’s growth plans.
JSW One Platforms plans to use ₹500 crore to strengthen the capital base of JSW One Finance. The money will help the subsidiary meet future capital requirements as its business expands.
Another ₹350 crore has been earmarked for technology and platform development. The company is looking to strengthen its digital infrastructure as more businesses use its platform for procurement and related services.
Around ₹125 crore will be used by JSW One Distribution for marketing and brand-building activities.
The remaining proceeds will be used for general corporate purposes.
The company has been growing its business rapidly, although it remains loss-making at the full-year level.
For the financial year ended March 2026, JSW One Platforms reported revenue of ₹5,743.4 crore, up about 45% from ₹3,962.8 crore in the previous financial year.
Its loss narrowed to ₹106.4 crore in FY26, compared with a loss of ₹217 crore in FY25.
The company moved into profit during the latest reported quarter. For the three months ended June 2026, JSW One Platforms reported a profit of ₹14.2 crore on revenue of ₹1,642.4 crore.
The quarterly profit marks a notable change for a company that has been investing heavily in building its B2B platform and expanding its services.
JSW One Platforms is positioned as more than a conventional online marketplace.
The company brings together product suppliers, buyers, logistics providers, financing partners and service providers on one platform. This allows customers to use the platform not only to purchase materials but also to access related services.
Its target customers include businesses involved in manufacturing and construction, with a focus on the large and fragmented small and medium enterprise segment.
The company’s model is built around making procurement simpler for businesses that traditionally depend on multiple suppliers and intermediaries.
The planned investment in technology is expected to support this digital platform as the company expands its customer and supplier network.
The proposed listing comes as India’s B2B commerce sector moves towards greater digital adoption.
Manufacturing and construction businesses have traditionally relied heavily on offline procurement. Digital platforms are increasingly attempting to bring purchasing, financing, logistics and supply-chain services together in one place.
JSW One Platforms is using its connection with the broader JSW ecosystem to build a business around this opportunity. Its presence across steel and construction materials also gives it access to established industrial supply chains.
At the same time, the company faces the challenge of expanding its platform while improving profitability. Its FY26 loss, despite strong revenue growth, shows that scaling the business continues to involve significant costs.
The company has appointed JM Financial, Kotak Mahindra Capital Company, ICICI Securities, SBI Capital Markets and PL Capital Markets as merchant bankers for the IPO.
The filing of the DRHP is the first formal step towards the proposed public issue. The IPO will still require regulatory approvals, and the final issue size, pricing and launch schedule will be announced later.
For JSW One Platforms, the proposed listing will bring its B2B commerce business into the public markets while providing fresh funds for technology, finance, marketing and expansion.
The IPO will also give existing shareholders an opportunity to partially exit their investments, while the company itself seeks to build a larger digital platform for India’s manufacturing and construction businesses.