Mitsui Sells Rs 820.01 Crore as JSW One Files Its IPO

JSW One Platforms filed a draft prospectus on September 24, 2026, for an IPO of up to Rs 3,054.01 crore ($318 million). New shares make up Rs 1,300 crore, and the other Rs 1,754.01 crore is an offer for sale by existing owners.

Mitsui & Co, the third-largest holder, is selling shares worth up to Rs 820.01 crore, a shade more than JSW Steel’s Rs 811 crore block. JSW Cement is selling Rs 123 crore. The company itself keeps only the fresh issue, and that too can shrink if a pre-IPO placement of up to Rs 260 crore goes ahead.

Mitsui Is Selling Almost as Much as JSW Steel

Mitsui holds 2.42 crore shares, or 7.01 percent of pre-offer equity, according to the draft. Its weighted average cost is Rs 84.99 a share, which matches the Rs 205 crore it paid in April 2023, when the Series A valued JSW One at Rs 2,750 crore.

If the full Mitsui block is sold at the Rs 820.01 crore cap, the implied price is about Rs 339 a share, roughly four times that cost. The draft describes the sale as “up to” that amount, so the final ticket depends on the price band SEBI clears.

JSW Steel’s board had already approved its Rs 811 crore sale on July 17, 2026, and said it would be classified as a promoter selling shareholder. Face value is Rs 10. Together, JSW Steel and JSW Cement are offering Rs 934 crore, still less than Mitsui’s cap.

WHO IS SELLING IN THE OFFER FOR SALE

JSW Group entities together held 78.76 percent before the offer, with funds, enterprises and angel investors holding the rest. Mitsui is the large outside name taking money off the table now. Masaharu Okubo, then Mitsui’s country chairperson in India, said in 2023 that the cheque showed belief in the business model and in B2B e-commerce after the pandemic. Three years later the same holding is in the selling column.

Steel Coils, Private Brands and an NBFC

JSW One launched in July 2021 as the group’s digital channel into manufacturing and construction MSMEs. The public-facing site still sells itself as a one-stop digital marketplace for steel buying, and the listed entity sits above that storefront, a distribution company and a lender.

Gaurav Sachdeva, joint managing director and chief executive, has described the firm as a startup with the group’s plants and balance sheet behind it. Parth Jindal is chairman. Book-running lead managers are JM Financial, Kotak Mahindra Capital, ICICI Securities, SBI Capital Markets and PL Capital Markets. KFin Technologies is the registrar.

JSW One Platforms is a tech-first, full-stack B2B e-commerce platform designed to meet the end-to-end needs of India’s manufacturing and construction MSMEs.

Gaurav Sachdeva, Joint Managing Director and CEO, JSW One Platforms

The operating map has three pieces. JSW One Platforms Limited runs the commerce front, including jswonemsme.com and JSW One Homes. JSW One Distribution handles warehousing, processing and private brands, among them JSW One TMT, launched in December 2023, and One Helix pipes and tubes. JSW One Finance, opened in August 2024, does purchase finance, vendor finance and working capital, both on its own book and with partner lenders.

As of June 30, 2026, the platform had 95,611 registered customers, 1,713 sellers and 165 brands, and it could serve 6,963 pin codes with 81 logistics partners, 12 contract service centres and 9 contract manufacturers. A 1Lattice industry report cited in the draft puts India’s B2B trade at about $2 trillion, with digital use in manufacturing and construction B2B commerce around 3 percent in FY26 estimates.

The catalogue is not a closed JSW shop. Mayank Gupta, the chief operating officer, has said the platform was built as a multi-brand list on purpose, and that third-party mills include Tata Steel and ArcelorMittal Nippon Steel. In June 2025, Sachdeva said the firm was disbursing about Rs 500 crore a month in working capital loans underwritten with banking partners. JSW Steel’s FY26 results deck later put JSW One Finance at Rs 215 crore of AUM and Rs 1,100 crore of disbursements for material sales that year.

A Deutsche Bank treasury case study in October 2025 framed the same company as a tech-first full-stack B2B platform with a special nodal account for marketplace payouts. That write-up also recorded a 2025 funding round of Rs 340 crore that took the valuation to $1 billion. A further Rs 575 crore round in October 2025 brought in names including State Bank of India and Principal Asset Management.

Where the Fresh Rs 1,300 Crore Goes

The company keeps Rs 1,300 crore only if it skips the pre-IPO placement. Any placement of up to Rs 260 crore comes off that fresh issue, rupee for rupee. The draft already names three uses that add up to Rs 975 crore before general corporate purposes.

OBJECTS OF THE FRESH ISSUE

• JSW One Finance: Rs 500 crore to add Tier-I capital at the NBFC so it can meet capital rules and grow the loan book.
• Technology spend: Rs 350 crore for technology and platform development.
• Private brands: Rs 125 crore into JSW One Distribution for marketing and brand building, led by JSW One TMT and One Helix pipes and tubes.
• The balance: general corporate purposes, after those three lines.

That mix tells you what the listing vehicle actually is. The largest named cheque goes to the lender, not the website. The brand money sits in the distribution subsidiary that moves coils and bars. Tech is the middle cheque, not the whole story. A pre-IPO raise would cut the fresh pile before any of those lines are funded from public money.

Sales Rose 44.93 Percent and the Year Still Lost Money

Revenue from operations rose 44.93 percent to Rs 5,743.39 crore in FY26 from Rs 3,962.81 crore in FY25. Gross merchandise value rose to Rs 18,596.91 crore from Rs 12,564.84 crore. The year still closed in the red.

The draft accounts show a net loss of Rs 106 crore in FY26, down from a Rs 217 crore loss in FY25, so the loss more than halved. EBITDA was minus Rs 67 crore. This is a high-volume materials business, and a 1 percent steady-state margin, the target Sachdeva floated in June 2025, would still be thin even if it arrives.

SALES, GMV AND PROFIT ACROSS THE LAST TWO YEARS

The June quarter is the first clean profit print in the draft: Rs 14.21 crore of profit after tax on Rs 1,642.45 crore of revenue and Rs 5,949.73 crore of GMV. JSW Steel’s FY26 results presentation said JSW One turned profitable in the fourth quarter of that year. A profitable quarter does not rewrite a loss-making year, and it does not set the IPO price.

Revenue is a large share of GMV because this is not a pure take-rate marketplace. Distribution of steel, cut-to-length coils and private-label bars books much of the invoice value. That is why a 45 percent sales jump can sit beside a still-negative EBITDA: the platform is growing tonnes and rupees faster than it is growing profit.

The DRHP Puts the Parent Group in the Risk File

The draft’s risk section is blunt about where the orders still come from. It flags high dependence on the JSW Group for revenue, reliance on a limited set of sellers and suppliers, third-party logistics and processing, thin financial-services operations, and legal and regulatory exposure. Those are the company’s own words to investors, not a short-seller note.

RISKS NAMED IN THE DRAFT

• Group revenue: A large part of the book still traces to JSW Group companies, even as the store lists rival mills.
• Seller concentration: A limited number of sellers and suppliers can move availability and price.
• Third parties: Logistics partners, contract service centres and contract manufacturers sit outside the listed entity.
• The NBFC: JSW One Finance is young, and the draft treats financial-services scale as limited.

JSW Steel’s FY26 annual report still records the marketplace as a joint venture, with 20,34,06,966 shares, or 68.41 percent of JSW One Platforms, as of March 31, 2026. After the offer, the promoters will still control the company. Public holders will be buying a digital distributor whose largest owner remains the mill that fills a chunk of the warehouse.

That is the tension inside the multi-brand pitch. Gupta’s point that Tata Steel and ArcelorMittal Nippon Steel sit on the shelf is real, and it is also how the platform tells MSMEs it is not a captive dump for JSW inventory. The risk chapter still says the group matters for revenue. Both can be true at once: rivals are listed, and the parent still looms.

A 10 Percent Quota for Steel and Cement Holders

The draft includes an employee reservation, capped at 5 percent of post-offer paid-up equity. It also sets aside a portion for shareholders of JSW Steel and JSW Cement. IPO notes circulating with the papers describe that shareholder slice as up to 10 percent of the issue, with retail at 10 percent. That reserved path is why the filing moved quickly among people who already own the two listed parents.

Holders asking whether they need shares in both companies will have to wait for the red herring for the exact eligibility rule. The September 25, 2026, letter from JSW Steel to BSE and NSE, signed in the interim by company secretary Manoj Prasad Singh, only confirmed that the draft dated September 24 had been filed with SEBI and both exchanges, and that the offer still needs approvals and a market that will take the paper.

THE ROAD TO THE DRAFT

1. July 2021: JSW One starts as the group’s B2B commerce arm.
2. April 10, 2023: Mitsui invests Rs 205 crore at a Rs 2,750 crore valuation.
3. December 2023: JSW One TMT, the first private brand, goes live.
4. August 2024: JSW One Finance begins lending.
5. July 17, 2026: JSW Steel’s board clears an Rs 811 crore sale in the IPO.
6. September 24, 2026: The company files the draft with SEBI, BSE and NSE.

Bankers were in place by late July 2026 for what was then described as a $350 million to $400 million deal. The draft that arrived on September 24 is larger on paper because the offer for sale is bigger than the fresh issue. SEBI still has to issue observations, the company still has to set a price band, and Mitsui’s four-times paper gain is still only a cap until that band exists. JSW Steel’s September 25 notice left it there: filed, not priced, and subject to the market.

Disclaimer: This article is news reporting on a draft red herring prospectus and related company statements. It is for information only and is not an offer of securities, a recommendation to apply in the IPO, or investment advice. Readers should read the full draft and any later red herring, and consult a SEBI-registered adviser or their own broker, before acting on any figure or reservation quota described here. Offer size, selling-shareholder amounts, financials and timelines are those in the sources as of the dates named and can change after SEBI’s review, a pre-IPO placement, or a revised price band.