JSW One Platforms Limited has filed a Draft Red Herring Prospectus (DRHP) for an initial public offering of equity shares aggregating up to ₹3,054.01 crore ($318.62 million), comprising a fresh issue and an offer for sale by certain existing shareholders. The transaction has drawn three of India’s foremost law firms as JSW One Platforms IPO legal advisors — Cyril Amarchand Mangaldas, Trilegal, and Khaitan & Co. The filing marks a significant milestone for the JSW Group-backed B2B commerce platform as it moves toward a public listing.
Introduction
JSW One Platforms is one of the fastest-growing business-to-business commerce players in India as of June 2026, with an integrated technology-enabled platform that connects MSMEs with sellers of manufacturing and construction materials through an intuitive digital interface.
The company filed its DRHP for the proposed IPO on September 24, 2026. The Mumbai-based company, which is a part of the JSW Group, has structured the issue as a hybrid offer comprising both a fresh issue component and an offer for sale component.
The IPO comprises a fresh issue of equity shares aggregating up to ₹1,300 crore and an OFS component of up to ₹1,754.01 crore, bringing the total offer size to up to ₹3,054.01 crore. The selling shareholders in the OFS include promoter selling shareholders JSW Steel (offering equity shares aggregating up to ₹811 crore) and JSW Cement (offering shares up to ₹123 crore), alongside investor selling shareholder Mitsui & Co., which is offering shares worth up to ₹820 crore.
Deal Value
The proposed IPO aggregates up to ₹3,054.01 crore ($318.62 million). The company may also raise up to ₹260 crore through a pre-IPO round before the listing, which would reduce the size of the fresh issue by the same amount. Further details regarding the price band and lot size were not disclosed at the time of the DRHP filing.
Legal Teams Involved
Three law firms have been engaged across the different stakeholder groups in this transaction. For a broader view of deal activity in the Indian legal market, see the Deal Meter.
Cyril Amarchand Mangaldas — Advising JSW One Platforms (Issuer)
Cyril Amarchand Mangaldas is advising JSW One Platforms on this IPO, as per the DRHP. Two teams within the firm are engaged on this mandate.
Capital Markets Team:
- Abhinav Maker — Partner (Team Lead)
- Debarpita Pande — Senior Associate
- Mrinal Kumar — Associate
Corporate Team:
- Charandeep Kaur — Partner (Team Lead)
- Shivesh Aggarwal — Counsel
Trilegal — Advising Mitsui & Co., Ltd. (Selling Shareholder)
Trilegal is advising Mitsui & Co., Ltd., a selling shareholder in this IPO. Further details regarding the Trilegal team composition were not disclosed.
Khaitan & Co — Advising the Book Running Lead Managers
Khaitan & Co is advising the book running lead managers — JM Financial Limited, Kotak Mahindra Capital Company Limited, ICICI Securities Limited, SBI Capital Markets Limited, and PL Capital Markets Private Limited — on this IPO.
Transaction Team:
- Sudhir Bassi — Executive Director
- Madhur Kohli — Partner
- Aayush Mohata — Partner
- Sarjana Das — Senior Associate
- Kanchi Malhotra — Senior Associate
- Mythri Murali — Associate
- Mehar Sharma — Associate
- Vedika Jhunjhunwala — Associate
Significance and Impact
The JSW One Platforms IPO is notable on several counts. 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 — a model that sits at the intersection of B2B commerce, fintech, and logistics, making this one of the more structurally complex IPOs in recent Indian capital markets activity.
As of June 2026, the company 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 ₹5,743 crore, up from ₹3,962 crore a year earlier.
The mandate is also legally significant in its structure: three prominent firms are engaged across distinct principal constituencies — the issuer, a major institutional selling shareholder, and five book running lead managers simultaneously — reflecting the transactional complexity that large-scale hybrid IPOs demand. Proceeds from the fresh issue will fund technology development, marketing, and the capital base of JSW One Finance.
The filing of the DRHP by JSW One Platforms marks a landmark step for the JSW Group’s B2B digital commerce arm as it seeks access to public capital markets. With Cyril Amarchand Mangaldas, Trilegal, and Khaitan & Co collectively covering the issuer, selling shareholder, and banker sides of the transaction, the legal advisory structure mirrors the deal’s scale and complexity. The IPO remains subject to SEBI approval and prevailing market conditions.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
