- Summary
- Dove Soft IPO is a book-built SME issue of ₹73.26 crore, offering fresh shares and an OFS, opening on 30 September 2026.
- Investors can bid at ₹104.00/share–₹111.00/share, with 2 lots comprising 2,400 shares.
- Dove Soft provides cloud-based communication solutions across SMS, WhatsApp, voice, email and RCS, with revenue rising strongly through FY26.
Dove Soft IPO is a ₹73.26 crore book-built SME issue, made up of 53,28,000 Fresh Equity Shares and an offer-for-sale of 12,72,000 Equity Shares at face value of ₹10.00/share.
The IPO opens for bidding from 30 September 2026 to 5 October 2026. The allotment of the shares is tentatively fixed on 6 October 2026. The listing is scheduled for 8 October 2026 on BSE SME.
The price band has been set at ₹104.00/share–₹111.00/share. This lot size is 1,200 shares. With the upper band, individual investors (retail) must invest a minimum of ₹2,66,400.00 for 2 lots (2,400 shares). The minimum lot size for the HNIs is 3 lots (3,600 shares), which amounts to ₹3,99,600.
Dove Soft IPO–Key Details
The Dove Soft IPO details are stated below:
| IPO Open | 30 September 2026 |
| IPO Close | 5 October 2026 |
| Face value | ₹10.00/share |
| Price Band | ₹104.00/share–₹111.00/share |
| Issue price | – |
| IPO Lot Size | 1,200 shares |
| Offer-for-sale | 12,72,000 Equity Shares (₹14 crore) |
| Fresh issue | 53,28,000 Equity Share (₹55 crore) |
| Issue Type | SME/Bookbuilt IPO |
| Listing | BSE SME |
| Total Issue Size (₹ Crore) | ₹73.26 crore (66,00,000 Equity Shares) |
| Minimum Investment (Retail) | ₹2,66,400.00 (2 lots) |
Dove Soft IPO–Timeline
The Dove Soft IPO schedule is as follows:
| Bid Open Date | 30 September 2026 |
| Bid Close Date | 5 October 2026 |
| Allotment | 6 October 2026 |
| Refunds Initiated | 7 October 2026 |
| Share Credit Date | 7 October 2026 |
| Listing | 8 October 2026 |
| UPI mandate Cut-off time | 5 October 2026 (5 PM) |
Dove Soft Limited–Key Performance Indicators (KPIs)
The KPIs of Dove Soft Limited are as stated below:
| KPIs | 2026 | 2025 | 2024 |
| ROE (%) | 29.79 | 33.12 | 36.71 |
| ROCE (%) | 36.50 | 42.14 | 45.48 |
| Debt-Equity Ratio (in times) | 0.10 | 0.13 | 0.10 |
| RoNW (%) | 29.79 | 33.12 | 36.71 |
| PAT Margin (%) | 8.54 | 8.81 | 8.58 |
| EBITDA Margin (%) | 11.96 | 12.86 | 12.34 |
| Price-Book Value | 3.17 | – | – |
Dove Soft Limited–Financial Information
| 2026 | 2025 | 2024 | |
| Revenue | 27,398.01 | 18,773.86 | 11,972.69 |
| Assets | 16,440.04 | 10,898.58 | 8,556.20 |
| Profit/Loss After Tax | 2,340.42 | 1,654.00 | 1,027.18 |
(Amount in ₹ lakhs)
Dove Soft IPO–Subscription Status
Subscription status unavailable!
To be updated once bidding opens.
You can apply between 10:00 AM and 5:00 PM on the issue days.
Dove Soft IPO–Grey Premium Market (GMP)
The Dove Soft IPO GMP is currently unavailable.
The grey market trading for the Dove Soft IPO has commenced for only one session. A reliable GMP indication has not been reported yet. Stay tuned for more updates!
| Date | GMP (₹) | Est. Listing Price | Est. Listing Profit | Trend | Latest Updated |
| 28 September 2026 | ₹0.00 | ₹111.00 (0.00%) | ₹0.00 | – | 26/09/2026 (7:58 AM) |
Disclaimer: The GMP is an unofficial metric and is indicative only. It fluctuates based on prevailing market conditions, buyer sentiment, and overall IPO subscription demand.
Dove Soft IPO–Reservation
The Dove Soft IPO reservation across investor categories:
| Investor Classification | Shares Offered | % Allocation |
| Market Maker | 3,30,000 | 5.00% |
| QIBs | 64,800 | 0.98% |
| NIIs | 30,70,800 | 46.53% |
| Retail Investors | 31,34,400 | 47.49% |
| Total | 66,00,000 | 100% |
Dove Soft IPO–Lot Size
Below are the Dove Soft IPO application and investment details:
| Application | Lot Size | Shares | Amount |
| Retail Minimum Application | 2 | 2,400 | ₹2,66,400 |
| Retail Maximum Application | 2 | 2,400 | ₹2,66,400 |
| S-HNI Minimum Application | 3 | 3,600 | ₹3,99,600 |
| S-HNI Maximum Application | 7 | 8,400 | ₹9,32,400 |
| B-HNI Minimum Application | 8 | 9,600 | ₹10,65,600 |
Dove Soft IPO–Anchor Investors Details
The company, in consultation with the Book Running Lead Manager, may consider an Anchor Investor portion. If included, Anchor Investor bidding will open one working day before the IPO opens.
Dove Soft IPO–Prospectus
For detailed information, refer to the official offer documents:
About Dove Soft Limited
Incorporation: 19 August 2011
Chairman & Managing Director: Rahul Bhanushali
The company, an Indian Communications Platform as a Service (CPaaS) provider, offers integrated cloud communication solutions to enterprises and OTT platforms that help businesses to manage customer communication and engagement across multiple industries.
Its key services include:
- SMS Solutions: Transactional SMS and business messaging services.
- WhatsApp Messaging: Customer engagement and communication through WhatsApp.
- Voice Services: Automated voice calls and other voice communication solutions.
- Email Communication: Digital email solutions for business communication.
- Digital Communication: RCS and other digital messaging platforms.
- Network Services: Telecom connectivity and communication aggregation between operators and clients.
The company operates through two subsidiaries, Dove Soft Technologies Private Limited and Dove Soft Global FZCO, serving Indian and international markets.
| Book Running Lead Manager (BRLM) | SWASTIKA INVESTMART LIMITED |
| Registrar | PURVA SHAREGISTRY (INDIA) PRIVATE LIMITED |
Objectives of Dove Soft Limited
The details of Dove Soft IPO net proceeds are provided below:
| Particulars | Amount (in ₹ lakhs) |
| Working capital requirements | 4,600.00 |
| General corporate purposes | – |
Dove Soft Limited–Strengths
- Scalable Business Model and Financial Growth: The company operates an asset-light CPaaS model and generates recurring revenue through volume-based and subscription-based services. This helped its total income to grow from ₹35.58 crore in FY22 to ₹273.98 crore in FY26, reflecting a 66.04% CAGR.
- Diversified Services and Customer Base: The company serves industries including telecom, BFSI, healthcare, e-commerce, IT, media and retail. Its diverse service portfolio and customer base reduce dependence on any single industry or communication channel.
- Cloud-Based Delivery Platform: The company uses cloud servers to manage and deliver communication applications, allowing clients to access its services without investing in their own infrastructure.
- Experienced Promoter and Management: Promoter Rahul Bhanushali has over a decade of experience in the telecom sector. The senior management team brings expertise in sales, marketing and business operations, supporting service diversification and customer relationships.
Dove Soft Limited–Risks
- Dependence on MNOs and Channel Partners: The company relies on mobile network operators and channel partners for connectivity. Any difficulty in maintaining these relationships could affect service delivery, client acquisition and profitability.
- Customer Concentration: The top customer of the company contributed 37.60% of revenue and the top five contributed 69.82% in FY26. If it loses any major customer or reduces order volumes, this could affect revenue and profitability.
- Potential Conflicts of Interest: The subsidiary, group company and certain promoter group entities of the company operate in similar businesses. This could create conflicts over business opportunities, resource allocation or strategic decisions.
- Intense and Evolving Competition: The cloud communication market is highly competitive and changes rapidly with new technologies, services and customer preferences. Failure to adapt could result in pricing pressure, customer losses and reduced market share.
Dove Soft IPO–Review
The company has overall maintained strong revenue growth that rose from ₹119.73 crore in FY24 to ₹273.98 crore in FY26. Its PAT also increased from ₹10.27 crore to ₹23.40 crore during the same period. However, PAT margin stood at 8.54% in FY26, indicating relatively modest profitability despite the strong revenue growth.
With the upper band of ₹111, the IPO implies a P/E multiple of about 9.42 times based on FY26 diluted EPS of ₹11.78, compared with 13.21 times and 13.58 times for its peers Route Mobile and Tanla Platforms, respectively. The valuation reflects the earnings growth of the company. However, investors should also consider its comparatively modest margins.
The company plans to utilise ₹4,600 lakhs of the fresh issue proceeds towards working capital, which could support its growing business but also highlights its funding needs. With receivable days at 150 in FY26 and the top customer contributing 37.60% of revenue, cash conversion and customer concentration remain important factors for future performance.
Other Recent IPO List
Below is a list of currently open and upcoming IPOs in India in 2026:
| Bench Mark Infotech Services IPO | Moneyview IPO |
| Himalayan Solar IPO | Adroit Industries (India) IPO |
| Green Asia Impex IPO | Pooja Logistics IPO |
| Coreintegra Consulting Services IPO | Peshwa Wheat IPO |
Dove Soft IPO FAQs
Dove Soft IPO is a ₹73.26 crore book-built SME issue comprising 53,28,000 fresh Equity Shares and 12,72,000 offer-for-sale shares. The price band is ₹104 to ₹111 per share, and the IPO opens on 30 September 2026.
You can apply for the Dove Soft IPO through the UPI facility or ASBA available through your bank account. Bids can be placed during the subscription period from 30 September to 5 October 2026.
The Dove Soft IPO has factors such as strong revenue growth, an established CPaaS business and a diversified portfolio of cloud communication services. However, customer concentration, high receivable days and dependence on working capital are important considerations.
The Dove Soft IPO GMP is currently unavailable, so an estimated listing price or potential listing gain cannot be calculated reliably. The GMP is unofficial and may change before listing.
The Dove Soft IPO opens for subscription on 30 September 2026 and closes on 5 October 2026.
The Dove Soft IPO lot size is 1,200 shares. At the upper price band of ₹111 per share, the minimum retail investment for 2 lots is ₹2,66,400.
The Dove Soft IPO allotment is tentatively scheduled for 6 October 2026. The refunds and credit of shares are expected on 7 October 2026.
The Dove Soft IPO is scheduled to list on BSE SME on 8 October 2026.
