mumbai, July 30 -- JSW One Platforms Ltd, Sajjan Jindal-led JSW Group's business-to-business (B2B) digital marketplace, has appointed Kotak Mahindra Capital, JM Financial, ICICI Securities and SBI Capital Markets as advisors for a proposed $350-400 million initial public offering (IPO), three people familiar with the matter said. JSW One is targeting a listing sometime next year, with the issue likely to comprise a fresh capital raise and an offer for sale, the people said. JSW One declined to comment, while the investment banks did not respond to Mint's queries until press time. Mint had first reported in April that the company was exploring a listing. The banker appointments come a little over 10 days after JSW Steel approved the sale of a stake worth Rs.811 crore in JSW One Platform through the proposed IPO. JSW One is majority-owned by JSW Group entities, which collectively hold 78.76% of the company. The remaining stake is held by enterprises, funds and angel investors. In FY26, JSW One reported a net profit of Rs.90 crore, Mint reported earlier this month. If successful, the IPO would place JSW One among a growing group of B2B commerce companies preparing for public markets, including Moglix, Ofbusiness and Zetwerk. The listing 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 phase of growth is expected to come from business digitization, according to a 2023 report by Bessemer Venture Partners. The firm estimates that online-first, technology-enabled B2B marketplaces could unlock a $200 billion market opportunity in India by 2030, as fragmented supply chains and a largely unorganised B2B ecosystem shift online. JSW One Platform entered the unicorn club last year after raising Rs.340 crore of fresh capital, led by Principal Asset Management, OneUp, JSW Steel and other investors. The funding round marked a more than threefold jump in valuation from its previous round in April 2023. The company subsequently raised another Rs.575 crore in October last year. In FY25, the company reported revenue from operations of about Rs.3,962.81 crore, up from Rs.1,397. 93 crore a year earlier. Losses slightly narrowed to Rs.217 crore from Rs.227 crore in FY24, according to filings sourced by Tofler from the ministry of corporate affairs....