Amid the new-age tech IPO fervour, Info Edge-backed NoPaperForms has converted into a public entity.
As per its regulatory filings accessed by Inc42, the company's board approved the conversion during its meeting on May 22. Later, on May 26, it got the nod from its shareholders during an extraordinary general meeting to drop the word private from its name.
With this, the startup's name has changed to “NoPaperForms Solutions Limited” from “NoPaperForms Solutions Private Limited” earlier.
The move to convert into a public entity is a prerequisite for companies aiming to list on the stock exchanges.
The SaaS startup, which is popularly known as Meritto, began its preparations for listing on the exchanges around two months ago. In March, it was reported that it appointed IIFL Capital and SBI Capital to helm its IPO.
Following that, its backer Info Edge informed that NoPaperForms' board approved a proposal to go for an IPO.
The startup is expected to file IPO papers soon. As per earlier reports, its public issue would be of INR 500 Cr to INR 600 Cr ($60-70 Mn) and value the startup at around INR 2,000 Cr ($234 Mn). The listing is expected to materialise by the end of 2025.
Inc42 has reached out to NoPaperForms with questions on its IPO timeline. The story will be updated on receiving a response.
Founded in 2017 by Naveen Goyal (CEO) and Suraj Sapra (CSO), NoPaperForms provides a suite of software products, including lead management system, application management system, campaign management, among others, for the education industry.
Through its flagship platform Meritto, it offers solutions for managing the entire student lifecycle, from initial inquiry to final enrollment. Besides, its unified platform allows various stakeholders in the education industry to collaborate and manage the admission process efficiently.
The startup turned profitable in FY24, posting a standalone profit of INR 4 Lakh as against a loss of INR 15 Cr in the previous fiscal year, as per its filings available on Tofler. Its revenue rose 45.4% to INR 70 Cr during the year under review from INR 48.2 Cr in the previous fiscal year.
When the listing for the SaaS startup materialises, it would add to the list of publicly listed companies coming out of Info Edge’s stable. While PB Fintech and Zomato from Info Edge's portfolio have been listed for years, omnichannel jewellery brand BlueStone is gearing up to launch its public issue.
Having already received SEBI’s nod for its IPO in April, the jewellery company is now eyeing to raise pre-IPO capital at a unicorn valuation before filing its RHP.
Meanwhile, new-age tech IPO filings have picked up in the country over the past few weeks.
Ecommerce major Meesho pre-filed its IPO papers today for an IPO of up to $1 Bn. Urban Company, Shiprocket, PhysicsWallah, Capillary Technologies, Pine Labs, Curefoods, among others, are the other new-age tech companies which have filed their DRHPs with SEBI.