“The price and other details of the proposed IPO will be determined in due course by the competent body, in compliance with applicable law,” JSW Steel said. The company will be classified as a promoter selling shareholder.
Parent entities, including various JSW Group companies, currently own 78.76% of JSW One, according to data from market intelligence firm Tracxn. The balance is held by enterprises, funds, and angel investors.
JSW One’s net profit of ₹90 crore in fiscal year 2026 (FY26) accounted for 0.35% of JSW Steel’s consolidated net profit and 0.06% of its net worth.
Mint reported on 17 April that JSW One had held discussions with bankers for an IPO, then slated for later this year. The company was also in talks to raise ₹650-700 crore in a private round to benchmark its valuation ahead of the listing.
From funding rounds to IPO
JSW One entered the unicorn club last year after raising ₹340 crore in fresh capital in a round led by Principal Asset Management, OneUp, JSW Steel and other investors. The round marked a more than threefold jump in valuation from its previous funding round in April 2023.
The company subsequently raised another ₹575 crore in October from investors including State Bank of India (SBI), Principal Asset Management, One-Up, International Conveyors Ltd (ICL), Scarlett Ventures and JSW Steel.
JSW One positions itself as a full-stack solution provider for MSMEs in the manufacturing and construction sectors. It sells third-party products, steel coils cut to buyers’ specifications and JSW One-branded products procured through contract manufacturing. Its asset-light logistics model specialises in distributing steel coils.
The company’s gross merchandise value (GMV) rose 240% to ₹12,567 crore in FY25 from the preceding year. JSW One was targeting break-even by the end of FY26, Mint reported in June last year.
The IPO 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 wave of growth is expected to come from business digitisation, according to a 2023 report by Bessemer Venture Partners.
The firm estimates that online-first, tech-enabled B2B marketplaces could unlock a $200 billion market opportunity in India by 2030 as fragmented supply chains and a largely unorganized B2B ecosystem move online.
