Dove Soft Limited is a Mumbai-based provider of integrated cloud-communication solutions serving enterprises and OTT platforms through SMS, RCS, voice, WhatsApp, email and other digital communication channels. Incorporated in 2011, the company operates in the cloud communications and Communications Platform as a Service (CPaaS) segment. Its IPO is proposed to be listed on the BSE SME platform.
Table of Contents
- Dove Soft IPO Details
- Dove Soft IPO Dates
- Dove Soft Business Overview
- How Will Dove Soft Use the IPO Proceeds?
- Dove Soft Financial Performance
- Dove Soft Profitability
- Dove Soft Revenue Concentration
- Dove Soft Working Capital
- Dove Soft IPO Valuation
- Dove Soft Promoters
- Dove Soft IPO GMP
- Dove Soft IPO Strengths
- Dove Soft IPO Risks
- Should You Apply for Dove Soft IPO?
- What Investors Should Check
- Dove Soft IPO FAQs
The Dove Soft IPO is a book-built SME issue comprising a fresh issue of 53.28 lakh equity shares and an offer for sale of 12.72 lakh shares. At the upper end of the price band, the total issue size is ₹73.26 crore. The proposed listing is on the BSE SME platform.
| Particulars |
Details |
| Company |
Dove Soft Limited |
| IPO type |
Book-built SME IPO |
| IPO open date |
30 September 2026 |
| IPO close date |
5 October 2026 |
| Price band |
₹104 to ₹111 per share |
| Face value |
₹10 per share |
| Total issue size |
₹73.26 crore |
| Fresh issue |
53.28 lakh shares, up to ₹59.14 crore |
| Offer for sale |
12.72 lakh shares, up to ₹14.12 crore |
| Lot size |
1,200 shares |
| Minimum retail application |
2 lots, or 2,400 shares |
| Minimum investment at upper band |
₹2,66,400 |
| Listing platform |
BSE SME |
| Allotment date |
6 October 2026 |
| Expected listing date |
8 October 2026 |
| Lead manager |
Swastika Investmart Ltd. |
| Registrar |
Purva Sharegistry (India) Pvt. Ltd. |
The offer comprises up to 66 lakh equity shares. The market-maker reservation portion is up to 3.30 lakh shares. The total offer represents approximately 27.06% of the post-offer paid-up equity share capital, while the net offer represents approximately 25.71%.
The ₹14.12 crore OFS component will be received by the selling shareholders rather than Dove Soft. The selling shareholders include Rahul Bhanushali and Sky Occean Infrastructure Limited.
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Get the latest Dove Soft IPO details, including its price band, issue size, lot size, minimum investment and proposed BSE SME listing.
The Dove Soft IPO is scheduled to open on 30 September 2026 and close on 5 October 2026. The basis of allotment is expected on 6 October, refunds and demat credit are scheduled for 7 October, and listing is expected on 8 October 2026.
| Dove Soft IPO event |
Date |
| IPO opens |
30 September 2026 |
| IPO closes |
5 October 2026 |
| Allotment |
6 October 2026 |
| Refunds |
7 October 2026 |
| Demat credit |
7 October 2026 |
| Expected listing |
8 October 2026 |
The dates and issue terms are also reflected in current IPO disclosures.
Dove Soft provides cloud-based communication infrastructure through multiple digital channels. Its services include:
- SMS
- Transactional and promotional messaging
- WhatsApp communication
- Voice solutions
- Interactive Voice Response
- Automated voice calls
- Email services
- RCS and other digital communication products
The company serves customers across sectors including telecom, IT, travel, media, retail, real estate, healthcare, BFSI, automobile, e-commerce and food and beverage.
Dove Soft also operates through subsidiaries including Dove Soft Technologies Private Limited and Dove Soft Global FZCO in Dubai.
The main purpose of the fresh issue is to fund the company's working-capital requirements.
| Use of fresh IPO proceeds |
Amount |
| Working-capital requirements |
₹46.00 crore |
| General corporate purposes and issue expenses |
Balance amount |
| Total fresh issue proceeds |
₹59.14 crore |
The ₹46 crore working-capital allocation is a significant part of the fresh issue. Investors should therefore assess the company's receivables, operating cash flow and cash-conversion cycle alongside its reported profit.
The ₹14.12 crore OFS component is not available to Dove Soft for business purposes because it is paid to the selling shareholders.
Dove Soft reported growth in revenue, EBITDA and PAT between FY2024 and FY2026.
FY2024 Financial Performance
| Particulars |
FY2024 |
| Revenue from operations |
₹119.73 crore |
| Total income |
₹119.79 crore |
| EBITDA |
₹14.77 crore |
| PAT |
₹10.27 crore |
| Total assets |
₹85.56 crore |
| Borrowings |
₹3.34 crore |
FY2025 Financial Performance
| Particulars |
FY2025 |
| Revenue from operations |
₹187.74 crore |
| Total income |
₹188.26 crore |
| EBITDA |
₹24.13 crore |
| PAT |
₹16.54 crore |
| Total assets |
₹108.99 crore |
| Borrowings |
₹8.94 crore |
FY2026 Financial Performance
| Particulars |
FY2026 |
| Revenue from operations |
₹273.98 crore |
| Total income |
₹274.74 crore |
| EBITDA |
₹32.78 crore |
| PAT |
₹23.40 crore |
| Total assets |
₹164.40 crore |
| Borrowings |
₹9.30 crore |
Revenue from operations increased from ₹119.73 crore in FY2024 to ₹273.98 crore in FY2026. PAT increased from ₹10.27 crore to ₹23.40 crore over the same period.
Borrowings also increased during this period, although FY2026 borrowings remained at ₹9.30 crore.
The FY2026 profitability and capital-efficiency indicators reported for Dove Soft are:
| Metric |
FY2026 |
| EBITDA margin |
11.96% |
| PAT margin |
8.54% |
| ROE/RoNW |
29.79% |
| ROCE |
36.50% |
| Debt/equity |
0.10x |
| NAV |
₹47.43 |
The EBITDA margin declined from 12.86% in FY2025 to 11.96% in FY2026, while the company continued to report growth in absolute EBITDA and PAT.
Customer concentration is an important factor in the Dove Soft IPO analysis.
The company's disclosed risk factors state that its largest customer contributed 37.60% of FY2026 revenue. The company also depends on mobile-network operators and other channel partners for service delivery.
A high contribution from a single customer means a reduction or loss of business from that customer could materially affect the company's revenue.
Working capital is another important area for investors to assess.
Dove Soft has allocated ₹46 crore of fresh IPO proceeds to working capital. This indicates that additional funding is required to support its operating requirements.
The company's FY2026 operating cash flow was approximately ₹4.30 crore, compared with negative operating cash flow of approximately ₹17.48 crore in FY2025.
The improvement in operating cash flow is relevant, but investors should continue to monitor whether the company's revenue growth translates into sustained cash generation and whether receivables remain under control.
At the upper price band of ₹111, the company is expected to have approximately 2.44 crore shares outstanding after the fresh issue.
Using FY2026 PAT of ₹23.40 crore:
Calculated post-issue EPS = approximately ₹9.60
At an IPO price of ₹111:
Calculated post-issue P/E = approximately 11.6 times
This calculation is based on FY2026 restated PAT and the estimated post-issue share count. The fresh issue increases the number of outstanding shares, resulting in dilution of earnings per share compared with the pre-issue position.
The promoters identified for Dove Soft are:
Current IPO disclosures indicate promoter and promoter-group ownership of approximately 74.3% before the IPO, with the holding expected to reduce after the fresh issue and OFS.
Dove Soft IPO GMP refers to an unofficial premium quoted in the grey market before listing. Grey-market transactions are outside the formal stock-exchange mechanism and GMP is not an official SEBI or BSE metric.
Therefore, any Dove Soft IPO GMP should be treated only as an unofficial market indication and not as a reliable measure of the eventual listing price or investment outcome. The company's offer document also cautions that there is no assurance of active or sustained trading after listing or of the price at which the shares will trade.
Dove Soft has reported growth in revenue and profitability, along with a diversified communication offering and relatively low debt levels. Below are the key strengths of the company:
1. Revenue and Profit Growth
Revenue from operations increased from ₹119.73 crore in FY2024 to ₹273.98 crore in FY2026, while PAT increased from ₹10.27 crore to ₹23.40 crore.
2. Multiple Communication Channels
Dove Soft provides communication services through SMS, WhatsApp, Voice, RCS, Email and other channels, rather than depending on a single communication format.
3. Low Debt-to-Equity Ratio
The reported FY2026 debt-to-equity ratio was approximately 0.10x. Borrowings stood at ₹9.30 crore in FY2026.
4. Fresh Capital for Working Capital
₹46 crore of the fresh issue is proposed for working capital, which can support the company's operating and funding requirements.
While Dove Soft has reported growth in revenue and profit, investors should also consider the key risks related to customer concentration, technology dependence, working capital and its SME listing.
1. Customer Concentration
The largest customer contributed 37.60% of FY2026 revenue. A reduction in business from this customer could therefore materially affect revenue.
2. Dependence on Telecom Operators and Partners
The company's communication services depend on relationships with mobile-network operators and other channel partners. Changes in these relationships, pricing or service availability could affect operations.
3. Technology and Infrastructure Risk
Dove Soft's services depend on technology systems and infrastructure. System failures, defects or service interruptions could affect customer service delivery.
4. Regulatory Risk
The company has disclosed risks relating to customers using its platform for unauthorised communications that could breach applicable telecom regulations. Such incidents may expose the company to claims or regulatory action.
5. Working-Capital Requirements
₹46 crore of the fresh issue is earmarked for working capital. Investors should therefore track receivables, cash conversion and operating cash flow along with PAT.
6. SME Listing
Dove Soft is proposed to list on BSE SME. Trading liquidity and market conditions for SME securities can differ from those of mainboard-listed companies.
Dove Soft has reported strong revenue and profit growth, but the IPO also involves customer concentration and working-capital requirements. Investors should consider the following factors before applying:
- Financial performance: Revenue increased from ₹119.73 crore in FY2024 to ₹273.98 crore in FY2026, while PAT rose from ₹10.27 crore to ₹23.40 crore.
- Valuation: At ₹111 per share, the calculated post-issue P/E is approximately 11.6 times based on FY2026 PAT.
- Customer concentration: The largest customer contributed 37.60% of FY2026 revenue.
- Working capital: ₹46 crore of the fresh issue is proposed for working-capital requirements.
- Cash flow: FY2026 operating cash flow was approximately ₹4.30 crore, compared with negative ₹17.48 crore in FY2025.
- Debt: FY2026 debt-to-equity stood at approximately 0.10x, with borrowings of ₹9.30 crore.
- SME listing: Dove Soft is proposed to list on the BSE SME platform, where trading liquidity can differ from mainboard-listed companies.
Investors can assess these factors alongside their investment objectives and risk tolerance before deciding whether to apply for the Dove Soft IPO.
Planning to invest in the Dove Soft IPO? Apply for the issue online through Zerodha.
Investors reviewing the Dove Soft IPO should examine:
- Customer concentration
- Receivable days and cash conversion
- Revenue contribution from SMS and other communication services
- Dependence on telecom operators and channel partners
- Technology infrastructure and service continuity
- Regulatory compliance
- Utilisation of the ₹46 crore working-capital allocation
- Post-issue earnings dilution
- Valuation at ₹111 per share
- Liquidity after the BSE SME listing
Want to compare Dove Soft with other SME offerings on pricing, issue size and minimum application requirements? Check recent SME IPOs for their key issue details.
1. What is the Dove Soft IPO?
Dove Soft IPO is a book-built SME IPO of up to ₹73.26 crore, comprising a fresh issue of up to ₹59.14 crore and an OFS of up to ₹14.12 crore. The shares are proposed to be listed on BSE SME.
2. What is the Dove Soft IPO price band?
The Dove Soft IPO price band is ₹104 to ₹111 per equity share.
3. When does the Dove Soft IPO open and close?
The Dove Soft IPO is scheduled to open on 30 September 2026 and close on 5 October 2026.
4. What is the Dove Soft IPO issue size?
The total Dove Soft IPO issue size is up to ₹73.26 crore. It comprises a fresh issue of 53.28 lakh shares aggregating up to ₹59.14 crore and an OFS of 12.72 lakh shares aggregating up to ₹14.12 crore.
5. What is the Dove Soft IPO valuation?
Based on FY2026 PAT of ₹23.40 crore and an estimated post-issue share count of approximately 2.44 crore shares, the calculated post-issue EPS is around ₹9.60. At ₹111 per share, the calculated P/E is approximately 11.6 times.
6. Where will Dove Soft IPO be listed?
Dove Soft is proposed to be listed on the BSE SME platform.