Sajjan Jindal’s B2B commerce player JSW One Platforms files draft papers for Rs 3,054-crore IPO

As per the latest business developments, B2B commerce player JSW One Platforms, 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 mobilize Rs 3,054 crore through an initial public offering (IPO).

The Sajjan Jindal Group firm proposes to mobilize Rs 1,300 crore through a fresh offering, while existing shareholders will sell shares worth up to Rs 1,754 crore through an offer-for-sale (OFS).

Promoters JSW Steel and JSW Cement will sell shares worth Rs 811 crore and Rs 123 crore, respectively, through the OFS, while investor Mitsui & Co will offload shares worth Rs 820 crore, according to the draft document filed on September 24.

JSW One Platforms, which connects customers with supply partners, including sellers of manufacturing and construction products, contract service centres, contract manufacturers, financing and logistics partners, may additionally consider raising up to Rs 260 crore through a pre-IPO placement.

If the firm undertakes a pre-IPO placement, the fresh offering size will be reduced to the extent of the amount boosted in the pre-IPO round.

Promoters held an 81.52 percent stake in JSW One Platforms at the time of filing the DRHP. Mitsui & Co is the largest public shareholder in the firm, with a 7.01 percent stake, followed by Principal Funds with a 1.29 percent stake and State Bank of India with a 1.25 percent stake.

The firm plans to use Rs 125 crore of the net proceeds from the fresh offering to fund marketing and brand-building expenditure by its subsidiary JSW One Distribution, and Rs 500 crore to augment the capital base of subsidiary JSW One Finance to meet its future capital requirements arising from the expansion of its business.

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Further, Rs 350 crore will be utilised to fund the firm's technology and platform development expenditure, while the remaining funds will be used for general corporate purposes.

For the latest quarter ended June 2026, JSW One Platforms recorded a earnings of Rs 14.2 crore and topline of Rs 1,642.4 crore. That stated, for the financial year ended March 2026, the firm noted a loss of Rs 106.4 crore, narrowing from a loss of Rs 217 crore in the previous year, while topline surged 45 percent to Rs 5,743.4 crore from Rs 3,962.8 crore during the same period.

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