India's JSW One files for $318 million IPO

Sept 24 (Reuters) - Steel and construction materials marketplace JSW One Platforms has filed for an initial public offering worth up to 30.54 billion rupees ($318.27 million), draft papers showed on Thursday.

• Top shareholders JSW Steel JSTL.NS and JSW Cement JSWC.NS plan to offload shares worth about 9.34 billion rupees, while Mitsui & Co 8031.T plans to sell shares worth about 8.20 billion rupees.

• The firm also plans to issue about 13 billion rupees in new shares and use the proceeds from the IPO to invest in its units and fund the development of its platform.

• JSW One is an e-commerce platform for small and medium-scale firms in India's construction and manufacturing sector. It is a unit of India's steel-to-power conglomerate JSW Group, which has a large presence across India's cement, logistics and infrastructure sectors.

• JSW One recorded revenue of 57.43 billion rupees in the year ended March 2026, up about 45% from a year earlier, while its loss more than halved to 1.06 billion rupees.

• JM Financial, Kotak Mahindra Capital, ICICI Securities, SBI Capital Markets and PL Capital Markets are managing the IPO.

($1 = 95.9550 Indian rupees)