India, Sept. 5 -- SaaS startup Meritto's parent NoPaperForms has filed its updated draft red herring prospectus (UDRHP) with Securities and Exchange Board of India (SEBI) for its initial public issue (IPO).

The startup's proposed public offering will comprise a fresh issue of shares worth Rs.375 Cr and an offer for sale (OFS) component of up to 3.8 Cr equity shares.

As reported earlier, only investor Info Edge will participate in the OFS. As per the UDRHP, the venture capital giant, via Startup Investments (Holding) Ltd, will offload 3.8 Cr shares.

Around Rs.148 Cr of the fresh proceeds will be utilised to bolster its tech stack and cloud infrastructure, while Rs.96 Cr will be deployed for customer acquisition and retention. A chunk of...