Meritto’s parent NoPaperForms files confidential IPO papers with Sebi

NoPaperForms, a SaaS-based subscription automation solution, has filed preliminary papers with market regulator Sebi through a confidential route for raising funds through an initial public offering (IPO). In a public announcement on Saturday, the company said it has “filed the pre-filed draft prospectus with Sebi and the stock exchanges… in connection with the proposed initial public offering of its shares on the main board of the stock exchanges”.

Founded in 2017 by Naveen Goyal and funded by Infoedge, NoPaperForms aims to build a unified, vertically focused technology platform that covers the entire spectrum of running an education organization, from student recruitment, the student lifecycle to student success and outcomes.

Currently, the company supports more than 1,000 customers across India, UAE and Southeast Asia.

Currently, NoPaperForms offers two flagship products: Meritto – operating system for student recruitment and enrollment, and Collexo – a full-stack payment solution that provides predictability and scalability in reimbursement management for educational institutions.

The company has opted for the confidential pre-filing route, allowing it to defer disclosure of details of the IPO under the draft red herring prospectus (DRHP) until later stages. This route is gaining popularity among Indian companies seeking flexibility in their IPO plans. In recent months, logistics service provider Shadowfax Technologies, commerce enablement platform Shiprocket, Tata Capital, edtech unicorn PhysicsWallah and Imagine Marketing, the parent company of wearables brand boAt and stock exchange platform Groww, also opted for confidential files. In 2024, food delivery giant Swiggy and retail chain Vishal Mega Mart floated their IPOs after similar filings.

Market experts say the confidential pre-filing route gives companies more flexibility and reduces pressure to go public quickly.