Cyril Amarchand Mangaldas, Trilegal, and Khaitan & Co have been appointed as the JSW One Platforms IPO legal advisors on one of India’s most closely watched proposed public offerings of 2026. JSW One Platforms Limited has filed a Draft Red Herring Prospectus (DRHP) with SEBI for an initial public offering of equity shares aggregating up to ₹3,054.01 crore. The three firms advise distinct parties to the transaction, spanning the issuer, a selling shareholder, and the book running lead managers.
Introduction
JSW One Platforms Limited has filed a draft red herring prospectus 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 Mumbai-based company, which is a part of the JSW Group, plans to raise funds through a hybrid issue, which has an offer for sale component along with a fresh issue component.
JSW One Platforms filed its DRHP with SEBI on September 24, 2026. 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. JSW One Platforms is one of the fastest-growing business-to-business commerce players in India as of June 2026.
Deal Value
The JSW One Platforms 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.
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.
Legal Teams Involved
Cyril Amarchand Mangaldas — Advising JSW One Platforms (Issuer)
Cyril Amarchand Mangaldas is advising JSW One on this IPO, as per the DRHP. The core IPO transaction team comprises:
- Yash J. Ashar — Senior Partner
- Manan Lahoty — Partner – Head Capital Markets
- Devaki Mankad — Partner, Regional Co-Head – Capital Markets – West
- Tanushri More — Principal Associate
- Rishav Buxi — Principal Associate
- Adwait Deshmukh — Senior Associate
- Urmil Shah — Senior Associate
- Anomitra Debnath — Associate
- Nikshetaa Jain — Associate
- Rishika Saraswat — Associate
- Mitali Mangalam — Associate
- Tanvi Agarwal — Associate
The transaction team was also assisted on ESOP-related matters by:
- Sindhushri Badarinath — Partner
- Dipti Khatri — Principal Associate
- Anushka Gurnani — Associate
On Shareholders’ and Inter-se Agreement related matters:
- Soumya Srivastava — Partner
- Shashank Ugrankar — Principal Associate
- Ishika Dube — Associate
Trilegal — Advising Mitsui & Co., Ltd. (Selling Shareholder)
Trilegal acted as the legal advisor to Mitsui & Co., Ltd., being the investor selling shareholder in the proposed initial public offering of JSW One Platforms Limited.
The Capital Markets team comprises:
- Abhinav Maker — Partner (Lead)
- Debarpita Pande — Senior Associate
- Mrinal Kumar — Associate
The Corporate team comprises:
- Charandeep Kaur — Partner (Lead)
- Shivesh Aggarwal — Counsel
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.
The transaction team comprises:
- 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 DRHP filing represents a significant milestone for the JSW Group’s B2B digital commerce vertical and marks one of the larger proposed technology-enabled marketplace listings in India in 2026. As of June 2026, the company served over 95,600 registered customers through 1,713 sellers, spread across nearly 7,000 pin codes, and its revenue for FY26 grew 45% to ₹5,743 crore.
The three-firm mandate illustrates a well-established pattern in large Indian IPOs, where issuer-side, selling shareholder, and banker-side counsel are retained separately to manage distinct legal interests and potential conflicts. The engagement of Cyril Amarchand Mangaldas’ dedicated capital markets practice alongside specialist sub-teams on ESOP and shareholder agreement matters reflects the transaction’s structural complexity. Track the full scope of Indian capital markets mandates on the Deal Meter.
The ₹3,054.01 crore proposed IPO of JSW One Platforms has drawn three of India’s leading law firms across three distinct mandates, affirming the depth of legal advisory infrastructure supporting large-scale B2B technology listings. The DRHP was filed with SEBI on September 24, 2026, and the transaction remains subject to regulatory approval. Further details on pricing, listing timelines, and allotment were not disclosed at the time of filing.
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.
