NoPaperForms Moves Closer To IPO With Updated Draft Papers, Plans To Raise ₹375 Crore Through Fresh Issue

Education technology and payments firm NoPaperForms Solutions Ltd is on the cusp of its stock market debut after submitting updated draft papers to the SEBI for its initial public offering (IPO). The IPO will incorporate a fresh share issue amounting to up to ₹375 crore, coupled with an Offer for Sale (OFS) of 3.84 crore equity shares from investor Startup Investments (Holding) Ltd.

According to the revised draft red herring prospectus, the funds raised from the fresh issue will primarily be utilized for customer acquisition and retention, technology development, and cloud infrastructure expansion. Additionally, the capital will be allocated towards general corporate purposes and potential acquisitions.

NoPaperForms, a Gurugram-based AI-powered platform, offers SaaS solutions, embedded payments, and Agentic AI services for educational institutions. Its flagship products include Meritto, a student recruitment and enrollment operating system, and Collexo, a comprehensive fee payment solution. The company operates two key platforms - Meritto and Collexo.

Notably, student inquiries processed through the platform surged to 14.88 crore in FY26 from 8.95 crore in FY24, reflecting a compound annual growth rate (CAGR) of 29%. Personalized communications also saw a significant increase, reaching 186 crore in FY26 from 132 crore in FY24, with a CAGR of 43.67%. Moreover, fee collections processed via the platform more than doubled, reaching ₹3,180 crore in FY26 from ₹1,541 crore in FY24, demonstrating a CAGR of 43.67%.

The IPO management for NoPaperForms is entrusted to IIFL Capital Services and SBI Capital Markets.