Dove Soft IPO
Dove Soft IPO is a SME issue of ₹73.26 Cr (Fresh capital cum OFS). The price band is ₹104–111 per share with a lot of 1,200 shares (₹1,33,200 minimum). Bidding runs 30 Sep – 5 Oct, allotment is on 6 Oct 2026 and listing on 8 Oct 2026 on BSE SME. The issue has been subscribed 1.36x overall. It listed at ₹110.30 (-0.63% over the issue price) and trades at ₹85.75 (-22.75%).
IPO details
| Detail | Value |
|---|---|
| Price band | ₹104–111 |
| Lot size | 1,200 shares |
| Minimum investment | ₹1,33,200 |
| Issue size | ₹73.26 Cr |
| Issue type | Fresh capital cum OFS |
| Face value | ₹10 per share |
| Listing on | BSE SME |
| Issue price | ₹111 |
Subscription status
| Category | Subscribed |
|---|---|
| Qualified institutions (QIB) | 1.00x |
| Non-institutional (NII) | 1.87x |
| Retail | 0.81x |
| Employees | 0.00x |
| Shareholders | 0.00x |
Updated 08 Oct 2026, 06:30 PM IST
IPO dates
| Event | Date |
|---|---|
| Bidding opens | 30 Sep 2026 |
| Bidding closes | 5 Oct 2026 |
| Allotment | 6 Oct 2026 |
| Refunds | 7 Oct 2026 |
| Shares credited to demat | 7 Oct 2026 |
| Listing | 8 Oct 2026 |
Lot size and application amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | ₹1,33,200 |
| Retail (Max) | 1 | 1,200 | ₹1,33,200 |
| HNI (Min) | 2 | 2,400 | ₹2,66,400 |
About Dove Soft
Dove Soft Limited was started in August 2011. It provides cloud communication services, meaning the systems businesses use to send messages to their customers at scale, across SMS, RCS, voice, WhatsApp, email and other digital channels. Its enterprise messaging covers bulk SMS, transactional and promotional SMS and one-time passwords. Its voice solutions cover automated IVR, outbound dialling and missed call alerts. It also runs high-volume email delivery and offers the WhatsApp Business API for notifications, support and marketing. Its clients are enterprises and OTT platforms across telecom, IT, travel, entertainment, media, advertising, retail, real estate, healthcare, banking and finance, automobile, e-commerce and food and beverages. Its cloud platform lets clients build and run communication applications without managing their own infrastructure.
Dove Soft financials
| ₹ crore | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 164.40 | 108.99 | 85.56 |
| Total Income | 274.74 | 188.26 | 119.79 |
| Profit After Tax | 23.40 | 16.54 | 10.27 |
| EBITDA | 32.78 | 24.13 | 14.77 |
| NET Worth | 70.69 | 58.28 | 29.99 |
| Reserves and Surplus | 70.18 | 47.04 | 14.80 |
| Total Borrowing | 6.29 | 2.49 | 2.54 |
Key ratios
| Ratio | Value |
|---|---|
| P/E Ratio | 11.56 |
| EPS (₹) | 9.60 |
Strengths
- Sales have more than doubled in two years, from Rs 119.79 crore in FY2024 to Rs 188.26 crore in FY2025 and Rs 274.74 crore in FY2026.
- Profit has more than doubled over the same period, from Rs 10.27 crore to Rs 23.40 crore.
- The company carries very little debt, with borrowing of Rs 6.29 crore against a net worth of Rs 70.69 crore.
- The issue is priced at about 11.56 times earnings on an EPS of Rs 9.60, which is modest for this growth.
- It serves clients across many industries, so it is not dependent on one sector.
- Messaging such as OTPs and transaction alerts is essential and recurring, since businesses send it every day regardless of conditions.
- It offers several channels together, SMS, RCS, voice, WhatsApp and email, so a client can move between channels without changing provider.
Risks
- Cloud messaging is a thin margin business. The profit of Rs 23.40 crore on income of Rs 274.74 crore is about 8.5%, because most of the price goes to telecom operators.
- The company depends on telecom operators for SMS delivery and on Meta for WhatsApp. Changes in their pricing or rules directly affect its margin.
- Messaging is closely regulated through TRAI rules on commercial communication and sender registration, which change periodically.
- Competition is intense from large listed and global communication platforms, and clients switch providers on price.
- Return on equity, return on capital employed and return on net worth are not stated in the data available to us, so capital efficiency cannot be checked against peers.
- Rs 46 crore of the Rs 73.26 crore issue goes into working capital, which is high for a platform business.
- Promoter holding falls from 74.32% to 52.86%, and the promoter group includes a corporate entity. This is also a fresh issue combined with an offer for sale.
- This is an SME issue. One lot is 1,200 shares, which is about Rs 1.33 lakh at the upper band of Rs 111, and SME shares usually trade in low volume after listing.
Allotment status
Registrar: Purva Sharegistry (India) Private Limited. Check Dove Soft IPO allotment status.
FAQs
What is the price band of Dove Soft IPO?
₹104–111 per share.
What is the lot size of Dove Soft IPO?
1,200 shares, which costs ₹1,33,200 at the upper price band.
What is the GMP of Dove Soft IPO?
₹0 (0.00%) as of 08 Oct 2026, 08:24 AM IST. GMP is unofficial and not a prediction of the listing price.
When does Dove Soft IPO open and close?
It opens on 30 Sep 2026 and closes on 5 Oct 2026.
When is the allotment date of Dove Soft IPO?
6 Oct 2026.
When will Dove Soft IPO list?
8 Oct 2026 on BSE SME.
How many times was Dove Soft IPO subscribed?
1.36x overall.