JSW One Platforms Ltd, a B2B technology platform for manufacturing and construction, filed a draft red herring prospectus with SEBI to raise up to ₹3,054 crore through an IPO. The offering combines a fresh issue of ₹1,300 crore and an Offer for Sale of ₹1,754 crore by JSW Steel, JSW Cement, and Mitsui. Fresh issue proceeds will fund marketing (₹125 crore), capital augmentation of JSW One Finance (₹500 crore), and technology development (₹350 crore).

An IPO in India is regulated by SEBI's Issue of Capital and Disclosure Requirements (ICDR) Regulations. The first mandatory step is filing a Draft Red Herring Prospectus (DRHP) with SEBI, which then reviews the document and may issue observations before the company can proceed to an actual public issue.

The JSW One IPO has two components that aspirants must distinguish:

1. Fresh Issue: New shares created by the company. The money raised flows into the company's treasury and is used for stated business purposes — here, marketing (₹125 crore into JSW One Distribution), strengthening the lending subsidiary JSW One Finance (₹500 crore), and platform/technology development (₹350 crore).

2. Offer for Sale (OFS): Existing shareholders — JSW Steel, JSW Cement, and Japanese conglomerate Mitsui & Co — sell their shares. OFS proceeds go to the selling shareholders, not the company itself. This is a critical regulatory distinction that SEBI exams test directly.

JSW One Platforms is a B2B digital marketplace connecting manufacturers and construction companies, with an embedded finance subsidiary (JSW One Finance Ltd). The presence of a finance subsidiary means capital raised under the fresh issue for that subsidiary must comply with RBI's NBFC norms as well.

The DRHP stage is a pre-IPO regulatory checkpoint — SEBI can raise objections, demand disclosures, or reject the filing. Only after SEBI's observations can the company file the final Red Herring Prospectus and open the issue for subscription.