JSW One Plans To File IPO Papers For ₹3,000 Crore Issue

JSW One Platforms is planning a ₹3,000-crore initial public offering (IPO) and is expected to file its draft papers with the Securities and Exchange Board of India (SEBI) within the next two to three weeks, according to people familiar with the matter. The business-to-business (B2B) e-commerce company could raise ₹1,300-1,500 crore through a fresh issue, while JSW Steel and JSW Cement are expected to sell shares worth more than ₹900 crore.

The JSW Group company is targeting a stock market listing in the first quarter of fiscal 2028. Kotak Mahindra Capital, ICICI Securities, JM Financial, and SBI Capital Markets have been appointed as the bankers for the proposed issue.

JSW One was last valued at $1 billion in May 2025, when it raised ₹340 crore. It subsequently raised another ₹575 crore in October from State Bank of India, Principal Asset Management, and JSW Steel.

How Will JSW One IPO Funds Be Used?

JSW One plans to put its IPO proceeds toward upgrading tech infrastructure, acquiring users, and expanding into new markets. It is also focusing on scaling its private-label portfolio and growing its financing arm.

Notably, the business clocked a gross merchandise value (GMV) of around ₹18,500 crore in FY26. Its revenue for the year was estimated at ₹5,300-5,400 crore. It reported a net profit of ₹90 crore during the year.

The company continued to grow in the June quarter, with business rising around 50% year on year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter was around ₹22 crore, while net profit stood at about ₹14 crore.

Around 40% of JSW One's GMV currently involves credit. This is handled through its financing business and partner lenders. A large share of its transactions also involves companies within the wider JSW Group.

What Is Driving The Company's Expansion?

JSW One is involved in the sale and sourcing of industrial and construction materials. Its business also includes financing, logistics, and processing, putting it in competition with platforms such as Infra.Market, OfBusiness, and Zetwerk.

The company has a working-capital cycle of around six days, helped by customers generally paying upfront while suppliers provide payment terms. It keeps a limited inventory, mainly when steel is being cut, slit, or customised at its service centres.

JSW One also acquired BuildNext this year and renamed the business JSW One Homes. The wholly owned subsidiary combines home design, material procurement, contractor management, and project execution.

The proposed IPO comes as several B2B commerce and manufacturing companies prepare for public listings. Queries sent to JSW One had not received a response at the time of publication.

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