JSW One Platforms Taps Bankers for $400M IPO

JSW One Platforms has appointed Kotak Mahindra Capital, JM Financial, ICICI Securities, and SBI Capital Markets as advisors for its planned $350–400 million IPO, targeted for 2027, reported Mint on Wednesday. The offering will include both a fresh issue of shares and an offer for sale by existing shareholders.

JSW One Platforms is the JSW Group’s digital B2B commerce venture, founded in 2018 and headquartered in Mumbai. It operates as a marketplace and distribution platform for MSMEs in manufacturing and construction, combining materials procurement, logistics, and embedded finance.

IPO Details

• Advisors: Kotak Mahindra Capital, JM Financial, ICICI Securities, SBI Capital Markets
• Size: $350–400 million (approx. ₹2,900–3,300 crore)
• Structure: Combination of fresh issue and offer for sale (OFS)
• Timeline: Listing expected in 2027
• Parent Context: Follows JSW Steel’s approval of a ₹811 crore stake sale in JSW One Platforms

Company Snapshot

• Business Model: Full-stack B2B marketplace for MSMEs in manufacturing and construction
• Ownership: JSW Group entities hold 78.76%, rest owned by funds and angel investors
• Financials: Net profit of ₹90 crore in FY26
• Growth: Became a unicorn in 2025 after raising ₹340 crore; later raised ₹575 crore in October 2025
• Expansion: Funds used to strengthen JSW One Finance Ltd, expand steel/cement supply chains, logistics, and MSME credit access. 

Financials & Growth

JSW One Platforms has shown rapid financial growth in recent years. In FY25, the company reported revenues of around ₹3,976–3,983 crore, marking a sharp 180% year-on-year increase. Its gross merchandise value (GMV) stood at ₹12,567 crore, reflecting strong traction in its B2B marketplace operations. By FY26, the company achieved a net profit of ₹90 crore, though this remains a relatively small contribution to JSW Steel’s consolidated earnings.

On the funding side, JSW One became a unicorn in May 2025 after raising ₹340 crore, followed by another ₹575 crore round in October 2025, which pushed its valuation to about $1.02 billion. The capital has been directed toward expanding JSW One Finance Ltd, strengthening supply chains in steel and cement, and enhancing logistics and credit access for MSMEs.

Market Context

• Sector Trend: B2B commerce firms like Moglix, OfBusiness, Zetwerk also eyeing IPOs
• Investor Interest: Bessemer Venture Partners projects $200 billion opportunity by 2030 in India’s B2B marketplaces
• Strategic Positioning: Aligns with JSW Group’s broader strategy of unlocking value through subsidiary listings

Risks & Considerations

• Market Volatility: IPO success depends on equity market sentiment in 2027
• Minor Contribution: JSW One’s profit contribution to JSW Steel remains small (0.35% of consolidated net profit)
• Execution Risks: Regulatory approvals and pricing decisions could delay or alter the offering

 Strategic Implications

• Liquidity Event: Enables JSW Steel to monetize its investment
• Capital Allocation: IPO proceeds expected to fund expansion in steel, cement, logistics, and fintech
• Group Strategy: Reinforces JSW Group’s push into digital B2B commerce alongside traditional steel operations

IPO Snapshot Table

Aspect	Details
Advisors	Kotak Mahindra Capital, JM Financial, ICICI Securities, SBI Capital Markets
IPO Size	$350–400 million (₹2,900–3,300 crore)
Structure	Fresh issue + Offer for Sale
Timeline	2027
Ownership	JSW Group 78.76%, rest funds/angels
FY26 Profit	₹90 crore