JSW One Platforms appoints bankers for $350-400 million IPO next year | Stock Market News

JSW One Platforms Ltd, Sajjan Jindal-led JSW Group’s business-to-business (B2B) digital marketplace, has appointed Kotak Mahindra Capital, JM Financial, ICICI Securities and SBI Capital Markets as advisors for a proposed $350-400 million initial public offering (IPO), three people familiar with the matter said.

JSW One is targeting a listing sometime next year, with the issue likely to comprise a fresh capital raise and an offer for sale, the people said. JSW One declined to comment, while the investment banks did not respond to Mint's queries until press time.

Mint had first reported in April that the company was exploring a listing. The banker appointments come a little over 10 days after JSW Steel approved the sale of a stake worth ₹811 crore in JSW One Platform through the proposed IPO.

JSW One is majority-owned by JSW Group entities, which collectively hold 78.76% of the company. The remaining stake is held by enterprises, funds and angel investors.

In FY26, JSW One reported a net profit of ₹90 crore, Mint reported earlier this month.

If successful, the IPO would place JSW One among a growing group of B2B commerce companies preparing for public markets, including Moglix, Ofbusiness and Zetwerk.

The listing plans come as investors increasingly focus on India’s B2B commerce opportunity. While much of the first $100 billion of India’s digital economy was driven by consumer internet companies, the next phase of growth is expected to come from business digitization, according to a 2023 report by Bessemer Venture Partners.

The firm estimates that online-first, technology-enabled B2B marketplaces could unlock a $200 billion market opportunity in India by 2030, as fragmented supply chains and a largely unorganised B2B ecosystem shift online.

JSW One Platform entered the unicorn club last year after raising ₹340 crore of fresh capital, led by Principal Asset Management, OneUp, JSW Steel and other investors. The funding round marked a more than threefold jump in valuation from its previous round in April 2023.

The company subsequently raised another ₹575 crore in October last year from investors including State Bank of India (SBI), Principal Asset Management, One-Up, International Conveyors Ltd (ICL), Scarlett Ventures and JSW Steel.

About half of the capital raised was to be used to capitalize its in-house non-banking financial company (NBFC), JSW One Finance Ltd, while the remaining funds would be used to scale JSW One Platforms, including expanding its distribution channels, Gaurav Sachdeva, the company’s joint managing director and chief executive officer, told Mint in October last year.

The funds were aimed at strengthening its supply chain network in steel and cement, deepening distribution and logistics networks across India, scaling its fintech and NBFC businesses, and enabling wider access to credit for MSMEs.

JSW One positions itself as a full-stack solution provider for MSMEs in the manufacturing and construction sectors. Around 82% of its e-commerce business comes from manufacturing, while 18% comes from construction.

The platform sells third-party products, steel coils cut to buyers’ specifications, as well as JSW One-branded products sourced through contract manufacturing. The company operates an asset-light logistics model focused on steel coil distribution.

The company's gross merchandise value (GMV) rose 240% to ₹12,567 crore in FY25 from the preceding year. The company is expected to have crossed ₹8,000 crore in GMV in the first half of FY26, a 50% growth over the previous year, Mint reported in October 2025.

In FY25, the company reported revenue from operations of about ₹3,962.81 crore, up from ₹1,397. 93 crore a year earlier. Losses slightly narrowed to ₹217 crore from ₹227 crore in FY24, according to filings sourced by Tofler from the ministry of corporate affairs.

Priyamvada is a Mumbai-based business journalist at Mint. She writes about the public and private markets with a key focus on venture capital, private equity, M&As and private credit. Her coverage also spans startups and emerging businesses.<br><br>Over the last two years, she has uncovered some of the largest deals and interviewed important decision-makers from India’s investment ecosystem. She likes to dabble across different formats like long forms and explainers. Her work has been consistently displayed on the publication's deals page, and she has also written multiple front-page stories.<br><br>Prior to joining Mint in 2024, she worked out of Reuters’ Bengaluru bureau where she extensively covered the travel, transportation, and logistics industries. Across both her stints, Priyamvada has displayed rigour for breaking news and analyzing interesting data-driven trends. She holds a postgraduate diploma from the Asian College of Journalism's Bloomberg programme. In her free time, she enjoys reading books and trying out different cuisines. She is keen to delve deeper into the various sectors she covers and is always up for a chat. You can reach out to her at priyamvada.c@livemint.com.

Agnidev is a business journalist with over two years of reporting experience tracking the intersection of capital, policy, and corporate strategy in India.<br><br>He joined Mint in December 2025, after a stint at NDTV Profit (erstwhile BQ Prime). At Mint, Agnidev focuses on the high-stakes world of the Indian capital market, specialising in mergers and acquisitions, burgeoning IPOs, and the investment banking industry.<br><br>Backed by a rigorous, data-driven approach, Agnidev frequently breaks news on the valuation cycles, deal pipelines and listing strategies of India’s most prominent companies. His reportage offers deep dives into the operational health of market leaders across the corporate landscape, providing readers with a clear-eyed view of institutional growth.<br><br>He has reported on major issues like India's derivatives frenzy, IPO froth, the competitive quick commerce industry, the real-money gaming ban, and has broken investigative stories related to scandals such as IndusInd Bank's accounting manipulation and the Gensol-BluSmart fiasco.<br><br>As a reporter, he brings stories that ultimately affect your stock market investments, and tries to bring clarity and brevity in a field that is often filled with jargon and noise.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.