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, seeking capital to expand its technology platform for manufacturing and construction-material procurement.
The proposed issue includes a fresh equity sale of up to ₹1,300 crore and an Offer for Sale of shares worth up to ₹1,754.01 crore. The 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.
The company plans to invest ₹125 crore from the fresh issue in JSW One Distribution for marketing and brand-building activities. It has earmarked ₹500 crore for JSW One Finance to strengthen its capital base and up to ₹350 crore for technology and platform development. The balance of the fresh issue proceeds will be used for general corporate purposes.
JSW One Platforms operates a digital business-to-business marketplace connecting micro, small and medium enterprises with sellers of manufacturing and construction materials. Its services cover commerce, embedded financing, logistics, processing and customisation, as well as private brands. This places the company within a supply chain that serves construction businesses and manufacturers rather than directly selling homes or infrastructure projects.
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 filing said.
The company reported a 44.93 per cent rise in revenue from operations to ₹5,743.39 crore in fiscal 2026, from ₹3,962.81 crore in the previous fiscal. Its 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, JSW One Platforms reported revenue from operations of ₹1,642.45 crore and a profit after tax of ₹14.21 crore. Its GMV for the quarter stood at ₹5,949.73 crore.
The filing comes as construction and manufacturing procurement remains fragmented across suppliers, distributors, logistics providers and smaller business buyers. According to the 1Lattice Industry Report cited in the draft papers, India’s business-to-business trade is estimated at around US$2 trillion. The addressable market for manufacturing products was estimated at ₹8.84 lakh crore in fiscal 2026, while the construction-products market was placed at about ₹11.30 lakh crore.
The report also estimated that digital penetration of B2B commerce across India’s manufacturing and construction sectors stood at around 3 per cent in fiscal 2026E. The figure indicates the scale of the market the company is targeting, although the filing does not establish how quickly that segment will expand or how much market share JSW One Platforms may secure.
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 is the registrar. The IPO will proceed through the regulatory and offer process following the filing of the draft papers.
