JSW One Platforms Limited, a technology-enabled B2B platform serving the manufacturing and construction sectors, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO). The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹1,300 crore and an Offer for Sale (OFS) of up to ₹1,754.01 crore. The total offer size is therefore up to ₹3,054.01 crore. The OFS will comprise shares offered by JSW Steel Limited, JSW Cement Limited and Mitsui & Co., Ltd.
JSW One Platforms plans to use the net proceeds from the fresh issue for investments in its subsidiaries, technology development and general corporate purposes. The company proposes to invest ₹125 crore in JSW One Distribution Limited (JODL) for marketing and brand-building activities and ₹500 crore in JSW One Finance Limited (JOFL) to strengthen its capital base. Up to ₹350 crore is proposed to be used for technology and platform development.
The company operates a digital B2B platform that connects MSMEs with sellers of manufacturing and construction materials. Its services cover commerce, financing, logistics, processing, customisation and private brands. As of June 30, 2026, the platform had 95,611 registered customers, 165 cumulative brands and 1,713 sellers. Its network covered 6,963 serviceable pin codes and included 81 logistics partners, 12 contract service centres and nine contract manufacturers.
JSW One Platforms reported Revenue from Operations of ₹5,743.39 crore in Fiscal 2026, compared with ₹3,962.81 crore in Fiscal 2025, representing a 44.93% increase. Gross Merchandise Value (GMV) rose to ₹18,596.91 crore in Fiscal 2026 from ₹12,564.84 crore in the previous fiscal.
For the three months ended June 30, 2026, Revenue from Operations stood at ₹1,642.45 crore and GMV was ₹5,949.73 crore. The company reported EBITDA of ₹22.89 crore and Profit After Tax (PAT) of ₹14.21 crore for the quarter. According to the 1Lattice Industry Report, India’s B2B trade is estimated at around US$2 trillion. The addressable market for manufacturing products was estimated at approximately ₹8,836.1 billion in Fiscal 2026, while the construction products market was estimated at around ₹11,300.8 billion.
Digital penetration in B2B commerce across India’s manufacturing and construction sectors remained at about 3% in Fiscal 2026E, indicating significant scope for further digital adoption.
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. JSW One Platforms is part of the JSW Group and operates across materials supply, financing and turnkey construction solutions. Its businesses include JSW One Marketplace, a technology-enabled platform connecting MSMEs with sellers of manufacturing and construction materials; JSW One Finance Limited, an RBI-registered NBFC offering financing solutions; and JSW One Homes, a technology-enabled turnkey home construction platform. The company is focused on expanding access to materials, financing and construction services through its digital platforms while strengthening its presence across India’s manufacturing and construction markets.
