JSW Group subsidiary JSW One has filed its draft papers with market regulator, as the company aims to raise Rs 3,054 crore from Indian primary markets. The company filed its draft red herring prospectus with SEBI, NSE, and BSE on September 24, while the exchange filing was released on September 25. 

JSW One may also consider a Pre-IPO placement of Rs 260 crore; if undertaken, the amount will be deducted from the fresh issue

JSW One IPO: Offer size and lead managers

According to its DRHP,  the IPO is a book-build issue comprising a fresh issue of Rs 1,300 crore and an offer-for-sale component of Rs 1,754 crore. The company’s promoter groups, JSW Steel and JSW Cement, will offload combined equity worth Rs 933 crore, while its investor Mitsui & Co. will divest capital worth Rs 820 crore. 

The industrial e-commerce platform will reserve a certain portion of the OFS component for its employees and JSW shareholders. JSW One may also consider a Pre-IPO placement of Rs 260 crore; if undertaken, the amount will be deducted from the fresh issue

JM Financial, Kotak Mahindra Capital Company, ICICI Securities, SBI Capital Markets, and PL Capital Markets have been appointed as the book-running lead managers for the issue, while KFin Technologies is the registrar for the offer. 

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JSW One IPO: Utilisation of proceeds 

Of the total Rs 1,300 crore fresh proceeds, majority of capital worth Rs 500 crore will be deployed towards investment in one of its material subsidiaries, JSW One Finance, as the company aims to expand JOFL’s capital base. 

Proceeds worth Rs 350 crore will be utilised for funding JSW One’s technology and platform development expenditure.  Additionally, it will deploy equity worth Rs 125 crore to fund the marketing and branding expenditure of its material subsidiary JSW One Distribution. The remaining capital will be used for general corporate purposes. 

JSW One IPO: Key risks

JSW One’s issue is vulnerable to several risks, which may affect its operations and cash flows; some of these include: high dependence on JSW Group for revenue generation and reliance on a limited number of sellers and suppliers. 

Other risk factors to take into account are reliance on third-party services, limited operations in financial services segments and risks arising from legal and regulatory guidelines. 

JSW One: FY26 result

For FY26, JSW One reported its revenue from operations at Rs 5,743  crore, rising nearly 45% year-on-year from Rs 3,963 crore reported in FY25. It posted a net loss of Rs 106 crore for FY26, down from a loss of Rs 217 crore reported for the same period last year. 

Its FY26 EBITDA was also negative at Rs 67 crore.