JSW One Platforms files for Rs 3,054 crore IPO

JSW One Platforms Ltd, a technology-driven B2B platform catering to the manufacturing and construction industries, has submitted draft paperwork to SEBI for an initial public offering (IPO). The proposed IPO will allow the company to raise between Rs 1,300 crore and Rs 3,054 crore. The IPO will consist of a fresh equity share issuance and an Offer for Sale (OFS) of shares.

The OFS will involve shares sold by JSW Steel Ltd, JSW Cement Ltd, and Mitsui & Co Ltd. JSW One Platforms plans to utilize the net proceeds from the fresh issue for various purposes, including marketing and brand-building activities for JSW One Distribution Ltd, augmenting its capital base for JSW One Finance Ltd, and technology and platform development.

The remaining funds will be allocated for general corporate activities. The company's platform connects small and medium enterprises (MSMEs) with suppliers of manufacturing and construction materials, offering a range of services such as commerce, embedded financing, logistics, processing, customisation, and private brands. As of June 30, 2025, the platform had 95,611 registered customers, 1,713 sellers, and 165 cumulative brands, serving 6,963 serviceable pin codes.

JSW One Platforms reported a 44.93% increase in revenue for the fiscal year 2025, reaching Rs 5,743.39 crore, compared to Rs 3,962.81 crore in the previous fiscal year. The gross merchandise value (GMV) for the same period rose to Rs 18,596.91 crore from Rs 12,564.84 crore. For the three months ending June 30, 2025, the company generated revenue of Rs 1,642.45 crore, with a profit after tax of Rs 14.21 crore and a GMV of Rs 5,949.73 crore.

The addressable market for B2B trade in India's manufacturing and construction sectors was estimated at Rs 8.84 lakh crore and Rs 11.30 lakh crore, respectively, in fiscal 2025. Digital penetration in B2B commerce across these sectors stood at around 3% in fiscal 2025, presenting significant growth opportunities. The book-running lead managers for the IPO are JM Financial, Kotak Mahindra Capital Company, ICICI Securities, SBI Capital Markets, and PL Capital Markets, while KFin Technologies is serving as the registrar for the offer.