NoPaperForms Solutions has filed updated IPO papers with SEBI, including a fresh issue of ₹375 crore to fund technology and growth. The firm, which provides software services for the education sector, also confirmed an offer for sale of 3.84 crore shares. This update marks a key step toward its public debut as the company reports rising profitability and processing volumes.
NoPaperForms Solutions Ltd has moved ahead with its public listing plans by filing an updated draft red herring prospectus with the market regulator, SEBI. The Gurugram-based company is looking to raise ₹375 crore through a fresh issue of shares. Additionally, existing investor Startup Investments (Holding) Ltd plans to sell 3.84 crore shares as part of the offer for sale.
The firm operates in the specialized vertical software-as-a-service space, specifically targeting the education sector. Its platforms, branded as Meritto and Collexo, help educational institutions manage admissions, student recruitment, and fee collection. With over 1,000 customers across India, the UAE, and Southeast Asia, the company positions itself as a critical digital layer for schools and universities.
The company’s latest filings reveal significant growth in the volume of payments it manages. Fee collections processed through its platform jumped to ₹3,180 crore in the fiscal year ending March 2026, up from ₹1,541 crore in fiscal 2024. Profitability has also trended upward, with the company reporting a profit after tax of ₹11.9 crore for the year ended March 2026, compared to ₹1.9 crore in the previous fiscal year.
A key part of the company's growth strategy involves using the fresh capital to boost its technology, particularly by integrating agentic artificial intelligence into its offerings. This technology helps institutions optimize their marketing spending and improve engagement with prospective students. The company is also open to using part of the raised funds for strategic acquisitions to expand its market reach and capability.
While the recent financial performance shows an upward trend, potential investors may monitor several operational risks. As a tech-driven firm, NoPaperForms faces intense competition in the vertical SaaS space, which requires constant product innovation to retain customers. The company’s future success is also closely tied to the ongoing digital transformation trend within the education sector. Furthermore, the plan to pursue inorganic growth through acquisitions brings execution risks, as integrating new businesses can be complex and capital-intensive. Market conditions and the regulatory environment for new listings will also be important factors that could influence the final IPO timing and performance.
The company has appointed IIFL Capital Services and SBI Capital Markets as the book-running lead managers for the issue. Investors tracking the IPO process can look forward to further updates on the final price band and management commentary on maintaining profit margins in subsequent filings.