JSW One Platforms Eyes $400M IPO in 2027

JSW One Platforms, the digital B2B commerce arm of JSW Group, is targeting an Initial Public Offering (IPO) of up to $400 million in 2027. The company has appointed Kotak Mahindra Capital, JM Financial, ICICI Securities, and SBI Capital Markets as advisors for this offering.

The planned offering ranges from $350–400 million, equivalent to approximately ₹2,900–3,300 crore. This IPO will include both a fresh issue of shares and an offer for sale by existing shareholders.

Founded in 2018 and based in Mumbai, JSW One Platforms operates as a full-stack B2B marketplace. It specifically caters to MSMEs within the manufacturing and construction sectors, providing materials procurement, logistics, and embedded finance.

Financial Milestones and Strategic Use of Funds

The company achieved unicorn status in May 2025 after securing a ₹340 crore funding round. Another ₹575 crore was raised in October 2025, pushing its valuation to about $1.02 billion.

For FY25, JSW One Platforms reported revenues of approximately ₹3,976–3,983 crore, representing a 180% year-on-year increase. Its gross merchandise value (GMV) for the same period stood at ₹12,567 crore.

By FY26, the platform had achieved a net profit of ₹90 crore. The funds raised have been used to strengthen JSW One Finance Ltd, expand steel and cement supply chains, enhance logistics, and improve credit access for MSMEs.

Market Opportunity and Future Outlook

This IPO aligns with JSW Group’s strategy to unlock value through subsidiary listings. It also aims to capitalize on India’s growing B2B marketplace, which Bessemer Venture Partners projects to reach $200 billion by 2030.

However, the IPO’s success in 2027 remains dependent on the prevailing equity market sentiment. Currently, JSW One’s profit contribution to JSW Steel’s consolidated earnings is minor, at 0.35%.

The move underscores JSW Group’s strategic focus on expanding its digital B2B commerce footprint for long-term growth and market leadership.