JSW One Platforms, the JSW Group-backed B2B commerce firm, has filed a DRHP with SEBI to raise up to Rs 3,054 crore through an IPO on 24 September.

The IPO has two parts. A fresh issue will raise Rs 1,300 crore for the company itself, while existing shareholders will sell shares worth Rs 1,754 crore through an offer for sale.

JSW Steel plans to sell shares worth Rs 811 crore and JSW Cement around Rs 123 crore, while Japanese investor Mitsui & Co will offload shares worth about Rs 820 crore.

Promoters currently hold a little over 81% of the company, with Mitsui as the largest outside shareholder at around 7%.

The company may also raise up to Rs 260 crore through a pre-IPO round before the listing, which would reduce the size of the fresh issue by the same amount.

So where is the fresh issue money going? Rs 125 crore will fund marketing for its distribution arm, JSW One Distribution.

A much larger chunk, Rs 500 crore, will strengthen the capital base of JSW One Finance, its lending unit.

Another Rs 350 crore is earmarked for technology and platform upgrades, and the rest will go toward general corporate needs.

JSW One Platforms works as an online marketplace connecting small and mid-sized businesses with suppliers of manufacturing and construction materials, along with financing and logistics support.

As of June this year, it served over 95,600 registered customers through 1,713 sellers, spread across nearly 7,000 pin codes and backed by 81 logistics partners.

On the financial side, revenue for FY26 grew 45% to Rs 5,743 crore, up from Rs 3,962 crore a year earlier.

The company’s losses also shrank sharply, down to Rs 106 crore from Rs 217 crore in FY25.

For the June 2026 quarter alone, it posted a small profit of Rs 14.2 crore on revenue of Rs 1,642 crore.

JM Financial, Kotak Mahindra Capital, ICICI Securities, SBI Capital Markets and PL Capital Markets are handling the issue. The listing timeline will depend on SEBI’s clearance and prevailing market conditions.

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