← Back to IPOs
Dove Soft IPO
📅 Founded: 2011
📍 Mumbai, Maharashtra
📋 Face Value: ₹10
🏦 Market Cap: ₹271 Cr
Price Band
₹104 – ₹111
Issue Size
₹73.26 Cr
Lot Size
1200 shares
Min. Investment
₹2,66,400
GMP
+₹0 (+0%)
Est. Return
+0%
Listing Date
08 Oct 2026
Registrar
Purva Sharegistry
Dove Soft IPO at a glance
Dove Soft IPO was an SME issue of ₹73.26 Cr at a price band of ₹104 – ₹111 per share, open from 30 Sep 2026 to 05 Oct 2026. The shares listed on BSE SME on 08 Oct 2026.
IPO Signal Analysis
📊 Based on Grey Market Premium (GMP) & Subscription Data — not financial advice
GMP Signal
Moderate Interest
GMP: +0% above issue price
⭐ Overall Signal
Moderate Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
0.00x subscribed
Issue Details
Fresh Issue₹59.14 Cr
Offer for Sale (OFS)₹14.12 Cr
Total Issue Size₹73.26 Cr
Face Value₹10
Market Cap (at issue)₹271 Cr
Listing ExchangeBSE SME
📅 Open Date30 Sep 2026
🔒 Close Date05 Oct 2026
✂️ Cut-off Price Date05 Oct 2026
🎟️ Allotment Date06 Oct 2026
💸 Refund Initiation07 Oct 2026
📂 Demat Credit07 Oct 2026
📈 Listing Date08 Oct 2026
Objects of the Issue
- 💰 Working capital — ₹46.00 Cr
- 💰 General corporate purposes
About the Company
Dove Soft, incorporated in August 2011 and based in Mumbai, provides cloud-based business messaging and communication services — bulk and transactional SMS, RCS, the WhatsApp Business API, voice and IVR, outbound dialling and email marketing. Its clients span telecom, banking and finance, e-commerce, retail, healthcare, travel, media, real estate and automobiles.
Strengths
- ✅ Income has more than doubled in two years, from ₹120 Cr in FY24 to ₹275 Cr in FY26
- ✅ PAT has risen steadily, from ₹10.3 Cr to ₹23.4 Cr over the same period
- ✅ Low debt — borrowings of about ₹6 Cr against net worth of about ₹71 Cr
- ✅ Clients spread across many industries, so it doesn't depend on one sector
Risk Factors
- ⚠️ Net margin is under 9%, as much of the revenue passes through to telecom operators
- ⚠️ Pricing is set largely by telecom operators and platforms such as Meta (WhatsApp), which it doesn't control
- ⚠️ Business messaging is crowded, with larger listed rivals
- ⚠️ Most of the IPO money (₹46 Cr) goes to working capital, pointing to slow collections
- ⚠️ Reported contingent liabilities are large relative to its net worth
Subscription Status
Not yet open
QIB: —
NII: —
RII: —
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | — | — | — | 0.00x |
| Day 2 | — | — | — | 0.00x |
| Day 3 | — | — | — | 0.00x |
Share Reservation
QIB
50%
NII
15%
RII
35%
Allocation as per SEBI regulations for SME IPO
Anchor Investors
Anchor allotment details not yet available.
Promoter Holding
74.32%
Pre-IPO
→ -20.6%
53.73%
Post-IPO
Founders & Leadership
KR
Kurjibhai Rupareliya
Promoter
One of the company's promoters
RB
Rahul Bhanushali
Promoter
One of the company's promoters
IPO Timeline
✓
Open Date
30 Sep 2026
✓
Close Date
05 Oct 2026
✓
Allotment Date
06 Oct 2026
✓
Listing Date
08 Oct 2026
Key Financials
Revenue₹275 Cr
PAT₹23.4 Cr
EPS₹12.28
P/E Ratio9.04x
ROE33.12%
Market Cap₹271 Cr
Company Financials (Restated Consolidated)
| Period Ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Income | 274.74 | 188.26 | 119.79 |
| Profit After Tax | 23.40 | 16.54 | 10.27 |
| Net Worth | 70.69 | 58.28 | 29.99 |
| Total Borrowing | 6.29 | 2.49 | 2.54 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
| KPI | FY26 | FY25 |
|---|---|---|
| ROE (%) | 33.10 | 28.38 |
| Debt / Equity | 0.09 | 0.04 |
| Net Worth (Rs. Cr) | 70.69 | 58.28 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹12.28 | — |
| P/E (x) | 9.04x | — |
| ROE (%) | 33.12% | — |
| Promoter Holding | 74.32% | 53.73% |
| Market Cap | ₹271 Cr | |
IPO Registrar
Purva Sharegistry
Dove Soft IPO FAQs
Dove Soft IPO is an SME IPO with an issue size of ₹73.26 Cr at a price band of ₹104 – ₹111. Minimum lot size is 1200 shares and the minimum application is 2 lots (minimum investment ~₹2,66,400). Opened on 30 Sep 2026 and closed on 05 Oct 2026. Listed on BSE SME. Registrar: Purva Sharegistry.