Sajjan Jindal-backed JSW One Platforms filed DRHP with SEBI to launch IPO; key details

JSW One Platforms, a B2B commerce player promoted by the JSW Group and backed by Mitsui, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 3,054 crore through an initial public offering (IPO). The draft document filed was filed on September 24.

The Sajjan Jindal Group company plans to raise Rs 1,300 crore through a fresh issue, while existing shareholders will sell shares worth up to Rs 1,754 crore through an offer-for-sale. Promoters JSW Steel and JSW Cement will sell shares worth Rs 811 crore and Rs 123 crore, respectively, while investor Mitsui & Co will offload shares worth Rs 820 crore.

JSW One Platforms, which connects customers with supply partners including sellers of manufacturing and construction products, contract service centres, contract manufacturers, financing partners and logistics partners, may also raise up to Rs 260 crore through a pre-IPO placement. If such a placement is undertaken, the size of the fresh issue will be reduced by the amount raised in the pre-IPO round.

At the time of filing the draft papers, promoters held an 81.52 percent stake in JSW One Platforms. Mitsui & Co was the largest public shareholder with a 7.01 percent stake, followed by Principal Funds with 1.29 percent and State Bank of India with 1.25 percent.

The company said it plans to use Rs 125 crore from the net proceeds of the fresh issue for marketing and brand-building expenditure by its subsidiary JSW One Distribution. It will use Rs 500 crore to augment the capital base of subsidiary JSW One Finance for future capital requirements arising from business growth, and Rs 350 crore for technology and platform development expenditure. The remaining funds will be used for general corporate purposes.

For the quarter ended June 2026, JSW One Platforms posted a profit of Rs 14.2 crore on revenue of Rs 1,642.4 crore. For the financial year ended March 2026, it reported a loss of Rs 106.4 crore, narrowing from Rs 217 crore in the previous year, while revenue rose 45 percent to Rs 5,743.4 crore from Rs 3,962.8 crore.

JM Financial, Kotak Mahindra Capital Company, ICICI Securities, SBI Capital Markets and PL Capital Markets have been appointed as merchant bankers for the IPO.