JSW One Platforms Limited, a technology-enabled B2B platform serving the manufacturing and construction ecosystem, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for its proposed Initial Public Offering (IPO). The Offer comprises a Fresh Issue of Equity Shares aggregating up to ₹1,300 crore and an Offer for Sale of up to ₹1,754.01 crore, taking the total Offer size to up to ₹3,054.01 crore. The Offer for Sale comprises shares offered by JSW Steel Limited, JSW Cement Limited and Mitsui & Co., Ltd.
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards investment in JSW One Distribution Limited (JODL) for marketing and brand-building expenditure, technology and platform development expenditure, investment in JSW One Finance Limited (JOFL) to augment its capital base and general corporate purposes. Of the proceeds, ₹125 crore is proposed to be invested in JODL and ₹500 crore in JOFL, while up to ₹350 crore is proposed towards technology and platform development.
JSW One Platforms operates an integrated digital platform connecting MSMEs with sellers of manufacturing and construction materials, while bringing together commerce, embedded financing, logistics, processing and customisation and private brands. As of June 30, 2026, the platform had 95,611 registered customers, 165 cumulative brands and 1,713 sellers, with its network spanning 6,963 serviceable pin codes, supported by 81 logistics partners, 12 contract service centres and 9 contract manufacturers.
The Company recorded Revenue from Operations of ₹5,743.39 crore in Fiscal 2026, up 44.93% from ₹3,962.81 crore in Fiscal 2025. GMV increased to ₹18,596.91 crore in Fiscal 2026, compared with ₹12,564.84 crore in Fiscal 2025. For the three months ended June 30, 2026, Revenue from Operations stood at ₹1,642.45 crore, while GMV stood at ₹5,949.73 crore. The Company reported EBITDA of ₹22.89 crore and PAT of ₹14.21 crore during the quarter.
According to the 1Lattice Industry Report, India’s B2B trade is estimated at around US$2 trillion, with the addressable market for manufacturing products valued at approximately ₹8,836.1 billion in Fiscal 2026 and construction products at approximately ₹11,300.8 billion. Digital penetration of B2B commerce across India’s manufacturing and construction sectors remained at approximately 3% in Fiscal 2026E, indicating that the market remains at an early stage of digitisation.
JM Financial Limited, Kotak Mahindra Capital Company Limited, ICICI Securities Limited, SBI Capital Markets Limited and PL Capital Markets Private Limited are the Book Running Lead Managers to the Offer. KFin Technologies Limited is the Registrar to the Offer.
