Dove Soft IPO
Updated 24 Sept 2026, 6:50 pm.
Minimum investment (Individual investors (IND))
₹2,66,400
2 lots · 2,400 shares at the upper price band
Price band
₹104–111
Latest GMP
₹0
0.0% of the ₹111 upper band
Est. listing price
₹111
Issue size
₹69.6 Cr
GMP history
Each point is a recorded observation from the scheduled data sync.
| Observed | GMP | Est. listing price |
|---|---|---|
| 24 Sept 2026, 6:50 pm | ₹0 | ₹111 |
| 24 Sept 2026, 6:45 pm | ₹0 | ₹111 |
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- SME
- Price band
- ₹104–111
- Issue size
- ₹69.6 Cr
- Lot size
- 1,200
- Opens
- 30 Sept 2026
- Closes
- 5 Oct 2026
- Allotment
- 6 Oct 2026
- Listing
- 8 Oct 2026
- Est. listing price
- ₹111
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Minimum investment
- ₹2,66,400 (2 lots · 2,400 shares)
- Face value
- ₹10 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital cum OFS
- Offer for sale
- ₹14 Cr
- Listing at
- BSE SME
- Refunds
- 7 Oct 2026
- Shares credited
- 7 Oct 2026
- Promoter holding
- 74.32% before · 53.73% after
- Lead managers
- Swastika Investmart Ltd.
Offer documents & links
Full issue details
Details as published for this issue, read 24 Sept 2026, 9:05 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 30 Sep to 5 Oct, 2026 |
|---|---|
| Listing Date | Thu, Oct 8, 2026 T |
| Face Value | ₹ 10 per share |
| Price Band | ₹104 to ₹111 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 66,00,000 shares (agg. up to ₹ 73 Cr) |
|---|---|
| Reserved for Market Maker | 3,30,000 shares (agg. up to ₹ 4 Cr) Swastika Investmart Ltd. |
| Fresh Issue (Ex Market Maker) | 49,98,000 shares (agg. up to ₹ 55 Cr) |
| Offer for Sale | 12,72,000 shares of ₹ 10 (agg. up to ₹ 14 Cr) |
| Net Offered to Public | 62,70,000 shares (agg. up to ₹ 70 Cr) |
| Share Holding Pre Issue | 1,90,58,755 shares |
| Share Holding Post Issue | 2,43,86,755 shares |
IPO Timetable (Tentative)
- IPO Open
- Wed, Sep 30, 2026
- IPO Close
- Mon, Oct 5, 2026
- Allotment
- Tue, Oct 6, 2026
- Refund
- Wed, Oct 7, 2026
- Credit of Shares
- Wed, Oct 7, 2026
- Listing
- Thu, Oct 8, 2026
Issue Reservation
- QIB0.98%
- NII (HNI)46.53%
- Retail47.49%
- Market Maker5.00%
| Investor Category | Shares | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB | 64,800 | 1.03% | 0.98% |
| NII (HNI) | 30,70,800 | 48.98% | 46.53% |
| - bNII > ₹10L | 20,48,400 | — | 31.04% |
| - sNII < ₹10L | 10,22,400 | — | 15.49% |
| Retail | 31,34,400 | 49.99% | 47.49% |
| Firm Reservations | |||
| Market Maker | 3,30,000 | — | 5.00% |
| Total | 66,00,000 | 100.00% | 100.00% |
Dove Soft IPO comprises a total issue size of 66,00,000 shares. The net offer to the public is 62,70,000 shares, after excluding 3,30,000 shares allotted on a firm basis. Of the Net offer 64,800 (1.03%) are allocated to QIB , 30,70,800 (48.98%) allocated to NII 31,34,400 (49.99%) allocated to RII .
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 2400 | ₹2,66,400 |
| Individual investors (IND) (Max) | 2 | 2400 | ₹2,66,400 |
| S-HNI (Min) | 3 | 3600 | ₹3,99,600 |
| S-HNI (Max) | 7 | 8400 | ₹9,32,400 |
| B-HNI (Min) | 8 | 9600 | ₹10,65,600 |
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.
IPO Subscription Details
About Dove Soft Ltd.
Incorporated in August 2011, Dove Soft Limited provides integrated cloud-communication solutions through SMS, RCS, Voice, WhatsApp, Email, and other digital channels. The company provides services to enterprises and OTT platforms, including SMS, WhatsApp, Voice, IVR, automated calls, E-mail, and Digital Products. The company serves clients across industries like Telecom, IT, Travel, Entertainment, Media, Advertising, Retail, Real Estate, Healthcare, BFSI, Automobile, E-commerce, and Food & Beverages, helping manage customer communication and streamline operations.
Services :
Enterprise Messaging Services : Bulk SMS, transactional and promotional SMS, and OTP delivery.
Voice Solutions : Automated IVR, outbound dialer services, and missed call alerts.
Email Marketing Solutions : High-volume enterprise-grade email delivery infrastructure.
WhatsApp Business API : Secure and scalable customer engagement via WhatsApp for notifications, support, and marketing.
The company cloud-based delivery platform enables them to build and manage applications without having to create and maintain the underlying infrastructure for each client. It enables them to provide enterprises with solutions to operate applications without purchasing, configuring or managing the underlying hardware and software.
As of March 31, 2026, the company employed 92 people in various departments.
Competitive Strength:
Sustainable business model and consistent financial track record.
Diversified service portfolio resulting in our lesser dependence on a single industry, product or services.
Scalable delivery platform supported by robust infrastructure.
Experienced Promoter and senior management team.
Company Financials (Restated Consolidated)
Total Income
Profit After Tax
EBITDA
NET Worth
| Period Ended | 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 |
| Amount in ₹ Crore |
Dove Soft Ltd.'s revenue increased by 46% and profit after tax (PAT) rose by 42% between the financial year ending with March 31, 2026 and March 31, 2025.
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IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding working capital requirements of the Company | 46.00 |
| 2 | General Corporate Purposes | — |
| Total | 46.00 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 33.12% |
| ROCE | 42.14% |
| Debt/Equity | 0.13 |
| PAT Margin | 8.81% |
| EBITDA Margin | 12.86% |
| NAV | 35.02 |
| Price to Book Value | 3.17 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 12.28 | 9.60 |
| P/E (x) | 9.04 | 11.56 |
| Market Cap at Offer Price | ₹211.55 Cr. | ₹270.69 Cr |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.
Shareholding Structure
Pre IPO
- Promoter and Promoter Group74.32%
- Public25.68%
Post IPO
- Promoter and Promoter Group53.73%
- Public46.27%
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 74.32% | 53.73% |
| Public | 25.68% | 46.27% |
| Total | 100% | 100% |
Company Promoters: Kurjibhai Rupareliya, Rahul Bhanushali and Sky Occean Infrastructure Ltd..
Offer For Sale - Selling Shareholders
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|---|---|---|
| Rahul Bhanushali | Promoter | 6,36,000 | 7.06 |
| Sky Occean Infrastructure Ltd. | Promoter | 6,36,000 | 7.06 |
| Total | — | 12,72,000 | 14.12 |
Dove Soft IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Registrar
Purva Sharegistry (India) Pvt.Ltd.
022-41343255
newissue@purvashare.com
IPO Lead Manager(s)
Swastika Investmart Ltd.
Contact Details
Dove Soft Ltd. Address
Office No. 1101,
DLH Park, Opp. MTN
Goregoan West
Mumbai, Maharashtra , 400062
+91 9321938063
secretarial@dove-soft.com
Dove Soft IPO in the news
Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.
No coverage found yet.
Dove Soft: common questions
Answered from this issue's own record.
