JSW One Platforms has filed draft papers with the Securities and Exchange Board of India to raise up to ₹3,054 crore through an initial public offering, funding technology, construction-material distribution, embedded finance and brand expansion for its business-to-business platform.
The proposed issue includes a fresh equity issue of up to ₹1,300 crore and an Offer for Sale worth up to ₹1,754.01 crore. Shares in the OFS will be sold by JSW Steel, JSW Cement and Mitsui & Co, according to the draft red herring prospectus filed late Thursday night.
JSW One Platforms connects micro, small and medium enterprises with sellers of manufacturing and construction materials through an integrated digital platform. Its services include commerce, embedded financing, logistics, processing, customisation and private-label products.
The company plans to invest ₹125 crore from the fresh issue in JSW One Distribution for marketing and brand-building activities. A further ₹500 crore is proposed for JSW One Finance to augment its capital base, while up to ₹350 crore will be used for technology and platform development. The remaining proceeds are earmarked for general corporate purposes.
As of June 30, 2026, the platform had 95,611 registered customers, 1,713 sellers and 165 cumulative brands. Its network covered 6,963 serviceable pin codes and included 81 logistics partners, 12 contract service centres and nine contract manufacturers.
The platform’s 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 increased to ₹18,596.91 crore from ₹12,564.84 crore during the same period. For the three months ended June 30, 2026, revenue from operations stood at ₹1,642.45 crore, while profit after tax was ₹14.21 crore and GMV was ₹5,949.73 crore.
The DRHP cited the 1Lattice Industry Report, which estimated India’s business-to-business trade at around US$2 trillion. The report placed the addressable market for manufacturing products at ₹8.84 lakh crore in fiscal 2026 and the construction-products market at ₹11.30 lakh crore. Digital penetration across India’s manufacturing and construction B2B sectors was estimated at around 3% in fiscal 2026E.
The filing comes as construction-material procurement remains spread across manufacturers, distributors, transport providers and local businesses. JSW One’s proposed investment in its distribution, finance and technology businesses is aimed at expanding the digital infrastructure connecting these participants.
JM Financial, Kotak Mahindra Capital Company, ICICI Securities, SBI Capital Markets and PL Capital Markets are the book-running lead managers for the issue. KFin Technologies has been appointed registrar to the offer. The IPO will proceed through the regulatory review process based on the filed draft papers.
