Dove Soft Limited IPO
Open now30 Sep – 5 Oct 2026
What stands out in the offer document
The five questions
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1How it makes money₹89 of every ₹100 of sales comes from its "SMS" segment. ₹91 of every ₹100 comes from Domestic.
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2Is it growing, and is profit turning into cash?Sales grew 2.3x from 2024 to 2026 (₹120 cr → ₹274 cr). Over 3 years it made ₹50.2 cr of profit and brought in −₹12.8 cr of cash from operations.
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3How much cushion does it have?It owes ₹0.10 for every ₹1 of its own money. The line for it services / software is ₹0.5.
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4What you pay, and who gets the moneyOf every ₹100 raised, ₹19 goes to existing shareholders selling. At ₹111 you pay about ₹9.42 for every ₹1 of last year's profit.
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5Who controls it, and what is on record?Promoters own 73% before the IPO. The document discloses 2 legal matters.
Latest update:
Price band ₹104–₹111 · Closes 5 Oct 2026 · Allotment 6 Oct 2026 (Confirmed) · Lists 8 Oct 2026 (Expected)
What Dove Soft Limited does
Dove Soft Limited is an integrated provider of cloud communications solutions in India, commonly known as a CPaaS (Communications Platform as a Service) provider. The company offers a wide range of services through channels such as SMS, RCS, Voice, WhatsApp, Email, and other digital platforms, enabling businesses to communicate efficiently with their customers through reliable and scalable messaging and engagement tools.
Dove Soft Limited financials
Rs crore · AnnualLatest year highlighted in green. Sparklines show the trend.
| 2024 | 2025 | 2026 | ||
|---|---|---|---|---|
| Sales | 120 | 188 | 274 | |
| Operating Profit | 15 | 24 | 33 | |
| OPM % | 12.3% | 12.9% | 12.0% | |
| Net Profit | 10 | 17 | 23 | |
| Total Debt | 3 | 9 | 9 |
Dove Soft Limited IPO offer structure
Total: ₹73 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Issue size and split come from a public aggregator rather than the exchange, cross-checked against a second one. The offer document states the offer-for-sale as a share count against a blank amount, so it cannot be read from the document itself.
Use of proceeds- Funding working capital requirements of the company: ₹46 cr
- General Corporate Purposes
Dove Soft Limited promoters and holding
- Kurjibhai Rupareliya: Promoter
- Rahul Bhanushali: Promoter
- Sky Occean Infrastructure Limited: Promoter
Dove Soft Limited strengths and risks
Company-stated strengths and disclosed risk factors from the offer document.
- Sustainable business model and consistent financial track record (p.166)
- Diversified service portfolio resulting in our lesser dependence on a single industry, product or services (p.166)
- Scalable delivery platform supported by robust infrastructure (p.166)
- Experienced Promoter and senior management team (p.166)
- Our Company is involved in certain income tax proceedings, and any adverse outcome may adversely affect our financial condition, cash flows and reputation. (p.25)
- Certain income tax proceedings involving one of our Group Company i.e. E-Trav Tech Limited may adversely affect our reputation and financial position. (p.26)
- We are dependent on our strategic relationship with Channel partners and our direct relationships with mobile network operations ('MNOs'). (p.26)
- Failures, defects, delays and other problems involving the technology systems and infrastructure on which we rely on providing our services and solutions to our clients may adversely affect our business. (p.27)
- We face a risk from potential claims resulting from client's misuse of our platform to send unauthorized text messages and calls and other services in violation of TRAI regulations. (p.27)
Dove Soft Limited peer comparison: DRHP median P/E 13.4x
DRHP data only| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| Route Mobile Ltd | — | 13.2x | — | — | DRHP |
| Tanla Platforms Ltd | — | 13.6x | — | — | DRHP |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Dove Soft Limited market and competition
Dove Soft Limited is positioned as a provider of scalable digital communication and customer engagement solutions catering to evolving enterprise and institutional communication requirements.
Dove Soft Limited outlook, as the document states it
The Communications Platform as a Service (CPaaS) industry in India is expected to witness strong structural growth over the medium to long term, supported by continued enterprise digitisation, increasing reliance on API-driven communication workflows, and rising demand for real-time, secure, and compliant customer engagement solutions.
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Dove Soft Limited IPO: common questions
When does the Dove Soft Limited IPO open and close?
The Dove Soft Limited IPO is open from 30 Sep 2026 to 5 Oct 2026.
What is the Dove Soft Limited IPO price band?
The price band is ₹104–₹111 per share.
What is the lot size and minimum investment for the Dove Soft Limited IPO?
One lot is 1200 shares, and a retail application must be at least one lot. That is about ₹2,66,400 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
When are the Dove Soft Limited IPO allotment and listing dates?
Not published yet. Derived from the close date on the usual timetable: allotment around 6 Oct 2026, refund/unblock around 7 Oct 2026 and listing around 8 Oct 2026. Treat these as estimates until the exchange confirms them.
How do I apply for the Dove Soft Limited IPO?
Through any broker app or your bank's net banking, using a demat account and a PAN. You bid in lots at a price inside the band, or at cut-off. The money is blocked in your account, not debited, until allotment. One application per PAN. We do not recommend brokers and carry no broker links. How to apply, start to finish →
Sources & method
Subscription and issue data come from the NSE and BSE exchange feeds, with the third-party aggregator, clearly labelled, where an exchange feed is unreachable. DRHP analysis is extracted from the offer document itself, every figure cited to its page. Each figure on the page carries its source and its timestamp.
Grey-market premium (GMP) is unregulated.
Every GMP figure is a self-reported grey-market estimate. No exchange, regulator or clearing body records or audits it, and there is no settlement guarantee or recourse. Shown for context only; never decide on GMP alone. New to GMP? The 30-second explainer → Has GMP actually been right? →
How often do these actually open above the issue price?
Of the 712 SME IPOs that have listed on the NSE since 2016, 564 (79%) opened above their issue price, at a median of +11%. That is the segment's own record, not a forecast for this issue.