Dove Soft IPO Review 2026: GMP, Price, Dates, Lot Size & Allotment Details

Dove Soft IPO is a proposed SME public issue of Dove Soft Limited. The IPO is a book-built issue comprising a fresh issue and an Offer for Sale. The company has proposed to issue up to 66,00,000 equity shares of face value ₹10 each. The fresh issue comprises up to 53,28,000 equity shares, while up to 12,72,000 equity shares are proposed to be offered by the selling shareholders.

Dove Soft Limited is an integrated cloud communications solutions provider in India, commonly known as a Communications Platform as a Service (CPaaS) provider. The company offers communication services through SMS, RCS, Voice, WhatsApp, Email and other digital channels. Its solutions are designed to help enterprises and OTT platforms communicate with their customers through scalable messaging and engagement services.

The company provides transactional SMS, WhatsApp messaging, voice services, automated voice calls, IVR, email communication and digital products. It operates as an aggregator between telecom operators and clients and provides connectivity and delivery of communication services across multiple customer industries.

Dove Soft serves customers across sectors including Telecom, Information Technology, Travel and Tourism, Entertainment, Media, Advertising and Events, Retail, Real Estate, Healthcare and Cosmetics, Banking, Financial Services and Insurance, Automobile, E-commerce, Food and Beverages and other industries.

The company follows an asset-light business model with volume-based pay-as-you-use and subscription-based billing formats. The fresh issue proceeds are proposed to be used primarily for funding working capital requirements, along with general corporate purposes. The shares are proposed to be listed on the BSE SME platform.

Dove Soft IPO Details

IPO DetailsInformation
IPO NameDove Soft IPO
Company NameDove Soft Limited
IPO TypeBook Built Issue
IPO CategorySME IPO
Face Value₹10 Per Equity Share
Price Band₹104 to ₹111 per share
Issue Size₹73.26 Cr
Fresh IssueUp to 53,28,000 Equity Shares
Offer for SaleUp to 12,72,000 Equity Shares
IPO Open Date30 September 2026
IPO Close Date5 October 2026
Anchor Investor Bidding29 September 2026
Basis of Allotment6 October 2026
Refund Initiation7 October 2026
Shares Credited to Demat Account7 October 2026
Listing Date8 October 2026
Listing ExchangeBSE SME
Lot Size1,200 shares
Minimum Application2 Lots (2,400 shares) / ₹0.02664 Cr
Market MakerSwastika Investmart Limited
RegistrarPurva Sharegistry (India) Private Limited
Book Running Lead ManagerSwastika Investmart Limited

The Dove Soft IPO comprises up to 53,28,000 fresh equity shares and up to 12,72,000 equity shares through an Offer for Sale. The company will receive proceeds from the fresh issue, while the proceeds from the Offer for Sale will accrue to the selling shareholders after applicable offer-related expenses and taxes.

The price band and minimum bid lot will be decided by the company in consultation with the Book Running Lead Manager and will be disclosed before the IPO opens for subscription.

Dove Soft IPO Dates

IPO EventDate
Anchor Investor Bidding29 September 2026
IPO Opening Date30 September 2026
IPO Closing Date5 October 2026
Basis of Allotment6 October 2026
Refund Initiation7 October 2026
Shares Credited to Demat Account7 October 2026
Listing Date8 October 2026

The March 2026 DRHP does not contain the final bidding schedule. The IPO opening date, closing date, allotment date, refund date, demat credit date and listing date will be announced after the company completes the applicable regulatory and issue-process requirements.

Dove Soft IPO Reservation

Investor CategoryReservation
Qualified Institutional Buyers (QIB)Not More Than 50% of the Net Offer
Non-Institutional Investors (NII)Not Less Than 15% of the Net Offer
Retail Individual Investors (RII)Not Less Than 35% of the Net Offer
Anchor InvestorsUp to 60% of QIB Portion, if applicable
Market MakerNot Announced

The offer is structured under the SME book-building framework. Not more than 50% of the Net Offer will be available for allocation to QIBs, not less than 15% to Non-Institutional Investors and not less than 35% to Individual Investors, subject to valid bids.

The company may consider participation by Anchor Investors in accordance with applicable regulations. The final category-wise share reservation will be available after the issue structure is finalized.

Dove Soft IPO Lot Size

ApplicationLotsSharesAmount
Retail Minimum2 Lots2,400₹0.02664 Cr
Retail Maximum2 Lots2,400₹0.02664 Cr
S-HNI Minimum4 Lots4,800₹0.05328 Cr
S-HNI Maximum15 Lots18,000₹0.19980 Cr
B-HNI Minimum16 Lots19,200₹0.21312 Cr

The minimum bid lot has not been announced. The company will decide the lot size along with the final price band before the IPO opens.

About Dove Soft Limited

Dove Soft Limited was originally incorporated as Dove Soft Private Limited on August 19, 2011. The company was subsequently converted into a public limited company in 2022 and changed its name to Dove Soft Limited. The company has its registered office at Office No. 1101, DLH Park, Opp. MTNL, Goregaon West, Mumbai, Maharashtra.

Dove Soft operates as an integrated provider of cloud communications solutions in India. Its business model is based on connecting enterprises and OTT platforms with their customers through multiple digital communication channels. The company provides SMS, RCS, Voice, WhatsApp, Email and other digital communication services.

The company operates as an aggregator between telecom operators and clients. It maintains connectivity with mobile network operators and channel partners to facilitate the delivery of communication services. Its platform supports enterprise messaging and engagement requirements across a range of industries.

The company has developed an asset-light operating model and generates revenue through volume-based pay-as-you-use arrangements and subscription-based billing. The business has also shifted its customer-acquisition focus towards higher-volume and corporate customers rather than accepting engagements from low-volume customers.

Business Operations

Dove Soft Limited operates in the cloud communications and CPaaS segment.

  • SMS Solutions – The company provides transactional SMS, promotional SMS, bulk messaging and other enterprise messaging services.
  • WhatsApp Solutions – The company provides WhatsApp-based communication services for customer engagement, notifications, support and other business requirements.
  • Voice Services – The company provides voice communication solutions, including automated voice calls and related services.
  • IVR Solutions – Interactive Voice Response services enable businesses to automate customer interactions and communication processes.
  • Automated Calling – The company provides automated voice-call solutions for enterprise communication requirements.
  • Email Communication – Dove Soft provides enterprise email communication and delivery services.
  • RCS Services – The company offers Rich Communication Services as part of its multi-channel communication portfolio.
  • Digital Products – The company also provides digital products designed to support business communication and customer engagement.
  • Aggregation Services – The company connects clients with telecom operators and other communication networks to facilitate message and communication delivery.

Product Portfolio

Dove Soft provides an integrated portfolio of digital communication services.

  • Transactional SMS
  • Promotional SMS
  • Bulk SMS
  • OTP Messaging
  • WhatsApp Business Communication
  • Voice Solutions
  • IVR Services
  • Automated Voice Calls
  • Email Communication
  • RCS Messaging
  • Digital Marketing Solutions
  • Digital Products

SMS remains the company’s largest service category. For the period ended December 31, 2025, SMS contributed ₹161.76 crore, representing 90.13% of revenue from operations. Voice contributed ₹10.50 crore, WhatsApp ₹5.14 crore and RCS ₹1.82 crore during the same period.

Industry Overview

The cloud communications industry has expanded alongside the increasing use of digital customer engagement, mobile messaging, online services and enterprise applications. Businesses across industries increasingly use multiple communication channels to interact with customers, deliver notifications, authenticate users and provide customer support.

Communications Platform as a Service enables enterprises to access communication capabilities through software platforms and APIs without building and maintaining complete telecom infrastructure themselves. The model can support messaging, voice, authentication, customer engagement and other communication requirements.

The growth of smartphones, digital payments, e-commerce, online banking, travel platforms and app-based services has increased the requirement for transactional and customer-engagement communication. Enterprises also increasingly use multiple channels such as SMS, WhatsApp, RCS, email and voice depending on the purpose and customer preference.

The industry remains highly competitive and includes established CPaaS companies, telecom operators, technology providers and smaller communication service providers. Companies operating in this market need to maintain network reliability, regulatory compliance, data security, platform scalability and relationships with mobile network operators and other connectivity providers.

Changes in telecom regulations, data privacy requirements, cybersecurity standards and customer communication preferences can influence the operating environment for cloud communication companies.

Business Strategy

Dove Soft Limited intends to strengthen its position in the cloud communications market through the following strategies:

  • Expand Omni-Channel Communication – The company intends to continue developing communication solutions across SMS, RCS, Voice, WhatsApp, Email and other digital channels.
  • Increase Business from Existing Customers – The company intends to use its key-account management approach to increase revenue from existing enterprise customers through additional services and solutions.
  • Develop One-Stop Communication Solutions – The company aims to provide integrated communication capabilities across multiple digital channels so that customers can manage a broader range of communication requirements through one provider.
  • Expand Market Presence – The company intends to increase its presence in additional markets and serve customers locally and internationally.
  • Focus on Higher-Volume Customers – The company has refined its customer strategy to focus on customers with substantial business volumes rather than low-volume customers.
  • Leverage Technology – The company intends to track developments in mobile technology and use its cloud platform and communication infrastructure to respond to changing customer requirements.
  • Strengthen Customer Relationships – The company intends to deepen relationships with existing customers through dedicated account management and wider service offerings.

Dove Soft IPO Financial Information

Dove Soft Limited has reported strong growth in revenue from operations over the reported financial years. Revenue from operations increased from ₹73.46 crore in FY2023 to ₹119.73 crore in FY2024 and ₹187.74 crore in FY2025.

For the nine-month period ended December 31, 2025, revenue from operations stood at ₹179.47 crore and PAT was ₹15.41 crore. The company reported EBITDA of ₹22.07 crore for the same period.

Dove Soft Financial Summary
ParticularsFY2023FY2024FY2025Dec 2025*
Revenue from Operations₹73.46 Crore₹119.73 Crore₹187.74 Crore₹179.47 Crore
Total Revenue₹73.77 Crore₹119.79 Crore₹188.26 Crore₹179.73 Crore
EBITDA₹7.83 Crore₹14.77 Crore₹24.13 Crore₹22.07 Crore
Profit Before Tax₹6.47 Crore₹13.73 Crore₹22.19 Crore₹19.96 Crore
Profit After Tax₹4.82 Crore₹10.27 Crore₹16.54 Crore₹15.41 Crore
Net Worth₹21.10 Crore₹29.99 Crore₹58.28 Crore₹82.23 Crore
Total Assets₹46.51 Crore₹85.56 Crore₹108.99 Crore₹179.28 Crore
Total Borrowings₹4.67 Crore₹14.80 Crore₹47.04 Crore₹62.13 Crore

*The December 2025 figures represent the nine-month period ended December 31, 2025 and are not annualised.

Statement of Assets, Liabilities and Equity
ParticularsDec 2025FY2025FY2024FY2023
Net Assets / Net Worth₹82.23 Crore₹66.74 Crore₹33.12 Crore₹22.84 Crore
Net Tangible Assets₹78.49 Crore₹63.25 Crore₹30.09 Crore₹19.46 Crore
Total Borrowings₹62.13 Crore₹47.04 Crore₹14.80 Crore₹4.67 Crore
Total Assets₹179.28 Crore₹108.99 Crore₹85.56 Crore₹46.51 Crore
Statement of Profit and Loss
ParticularsDec 2025FY2025FY2024FY2023
Revenue from Operations₹179.47 Crore₹187.74 Crore₹119.73 Crore₹73.46 Crore
Other Income₹0.26 Crore₹0.52 Crore₹0.06 Crore₹0.30 Crore
Total Revenue₹179.73 Crore₹188.26 Crore₹119.79 Crore₹73.77 Crore
Total Expenses₹159.77 Crore₹166.07 Crore₹106.06 Crore₹67.30 Crore
Profit Before Tax₹19.96 Crore₹22.19 Crore₹13.73 Crore₹6.47 Crore
Profit After Tax₹15.41 Crore₹16.54 Crore₹10.27 Crore₹4.82 Crore
Dove Soft IPO Key Financial Ratios
KPIDec 2025*FY2025FY2024FY2023
Return on Equity (ROE)20.68%33.12%36.71%22.24%
Return on Capital Employed (ROCE)25.80%42.14%45.48%35.30%
EBITDA Margin12.30%12.86%12.34%10.65%
PAT Margin8.58%8.81%8.58%6.56%
Debt-to-Equity Ratio0.080.130.100.17
Current Ratio1.712.571.341.27
Net Capital Turnover Ratio2.305.1410.0416.31
NAV Per Share₹43.15₹35.02₹18.34₹12.65

*The December 2025 figures are not annualised.

Objects of the Dove Soft IPO

The company proposes to utilise the net proceeds from the fresh issue for the following purposes:

  • Funding working capital requirements of the company – ₹46.00 crore.
  • General Corporate Purposes.

The company has estimated its total working capital requirement at ₹208.39 crore for the relevant period, of which ₹46.00 crore is proposed to be funded through the Net Proceeds of the IPO. The remaining requirement is proposed to be funded through internal accruals and borrowings.

The company proposes to utilise approximately ₹22.00 crore of the working capital allocation during FY2026-27 and ₹24.00 crore during FY2027-28. The amount for general corporate purposes will be finalized based on the final issue price and will be subject to the applicable regulatory limit.

Dove Soft IPO Listing Performance

Dove Soft Limited has not yet completed its IPO and its shares have not commenced trading on BSE SME.

ParticularValue
Listing ExchangeBSE SME
Listing DateNot Announced
Issue PriceNot Announced
Listing PriceNot Available
Listing GainNot Available
Listing Gain (%)Not Available

The actual listing price and listing performance will be available only after the IPO is completed and the equity shares begin trading on BSE SME.

Dove Soft IPO Subscription Status

The Dove Soft IPO has not yet opened for subscription. Therefore, category-wise subscription figures are currently unavailable.

Dove Soft IPO Subscription
Investor CategorySubscription
Qualified Institutional Buyers (QIB)Not Available
Non-Institutional Investors (NII)Not Available
Retail Individual Investors (RII)Not Available
Total SubscriptionNot Available

Subscription figures will be updated after the bidding period begins.

Dove Soft IPO GMP

The Dove Soft IPO GMP is currently not available because the company has not announced the final price band or IPO bidding dates.

DateGMP
September 24, 2026Not Available

Grey Market Premium is an unofficial market indicator and is not part of the formal IPO process. GMP can change frequently and should not be treated as an assured listing price or guaranteed return.

Dove Soft IPO Review

Dove Soft Limited operates in the cloud communications and CPaaS segment and provides communication services through SMS, RCS, Voice, WhatsApp, Email and other digital channels. Its asset-light model allows it to provide communication services to enterprises and OTT platforms without requiring customers to build their own communication infrastructure.

The company has reported significant growth in revenue and profitability. Revenue from operations increased from ₹73.46 crore in FY2023 to ₹187.74 crore in FY2025. PAT increased from ₹4.82 crore to ₹16.54 crore over the same period. For the nine-month period ended December 31, 2025, revenue from operations was ₹179.47 crore and PAT was ₹15.41 crore.

SMS remains the dominant revenue contributor, accounting for 90.13% of revenue from operations during the period ended December 31, 2025. The company has also expanded into Voice, WhatsApp, RCS, Email and Digital Marketing services, providing a broader communication portfolio.

The proposed fresh issue is primarily intended to fund working capital requirements. This is relevant because the company has significant working-capital requirements and borrowings increased to ₹62.13 crore as of December 31, 2025. The company also has substantial customer concentration, with its top 10 customers contributing 84.28% of revenue from operations during the nine-month period ended December 31, 2025.

The company operates in a competitive and technology-dependent industry. Investors should therefore evaluate customer concentration, dependence on mobile network operators and channel partners, working-capital requirements, borrowings, regulatory and data-privacy requirements, cybersecurity risks and the final IPO valuation after the price band is announced.

Dove Soft IPO Strengths

  • Integrated cloud communications platform covering SMS, RCS, Voice, WhatsApp, Email and other digital channels.
  • Asset-light business model supported by volume-based and subscription-based revenue arrangements.
  • Strong revenue and profitability growth, with revenue from operations increasing from ₹73.46 crore in FY2023 to ₹187.74 crore in FY2025.
  • Diversified customer base across Telecom, IT, BFSI, E-commerce, Travel, Healthcare, Retail, Real Estate and other industries.
  • Scalable cloud-based delivery platform supported by connectivity with telecom operators and communication infrastructure.
  • Experienced promoter and senior management team with backgrounds in telecom, sales, marketing, technology and business operations.

Dove Soft IPO Risk Factors

  • The company is dependent on relationships with mobile network operators and channel partners for connectivity and service delivery.
  • The top 10 customers contributed 84.28% of revenue from operations during the period ended December 31, 2025, creating customer concentration risk.
  • SMS accounted for 90.13% of revenue from operations during the period ended December 31, 2025, indicating significant dependence on the SMS service category.
  • The business is exposed to technology failures, network downtime, cybersecurity incidents and other infrastructure-related disruptions.
  • The company operates in a highly competitive cloud communications market with established players and new entrants.
  • Borrowings increased to ₹62.13 crore as of December 31, 2025, while the proposed fresh issue includes a substantial allocation towards working capital.

Dove Soft IPO Promoters

The promoters of Dove Soft Limited are:

  • Kurjibhai Rupareliya
  • Rahul Bhanushali
  • Sky Occean Infrastructure Limited

The promoters collectively held 1,39,51,737 equity shares as disclosed in the DRHP. The promoters are not participating in the Offer except for the proposed Offer for Sale by Rahul Bhanushali and Sky Occean Infrastructure Limited.

Dove Soft IPO Management Team

NameDesignation
Rahul BhanushaliChairman and Managing Director
Pankaj BhanushaliExecutive Director
Chandra Prakash MauryaExecutive Director
Chirag MewadaNon-Executive Director
Nikunj GatechaIndependent Director
Pratibha GuptaIndependent Director
Gaurav KarmawatChief Financial Officer
Archit TundiaCompany Secretary and Compliance Officer
Muktesh NarulaChief Executive Officer

Rahul Bhanushali has more than a decade of experience in the telecom sector and is involved in the overall management of the company.

The senior management team includes professionals with experience in finance, sales, marketing, digital transformation and business operations. Muktesh Narula, the Chief Executive Officer, has more than 30 years of experience in marketing and management.

Dove Soft IPO Registrar Details

ParticularDetails
Registrar NamePurva Sharegistry (India) Private Limited
Websitehttps://www.purvashare.com
Email ID[email protected]
Telephone+91 22 4961 4132
Contact PersonDeepali Dhuri

Purva Sharegistry (India) Private Limited is the registrar to the Dove Soft IPO.

Dove Soft IPO Lead Manager Details

ParticularDetails
Lead ManagerSwastika Investmart Limited
AddressOffice No. 104, 1st Floor, Keshava Commercial Building, Plot No. C-3, “E” Block, Bandra Kurla Complex, Opp. GST Bhavan, Bandra East, Mumbai – 400051
Telephone+91 0731 664 4244
Email[email protected]
Websitehttps://www.swastika.co.in
Contact PersonMohit R. Goyal

Swastika Investmart Limited is the Book Running Lead Manager to the Dove Soft IPO.

Dove Soft Limited Contact Details

ParticularDetails
Company NameDove Soft Limited
Registered OfficeOffice No. 1101, DLH Park, Opp. MTNL, Goregaon West, Mumbai – 400062, Maharashtra
Telephone+91 9321938063
Email ID[email protected]
Websitehttps://www.dovesoft.io
Contact PersonArchit Tundia

The registered office of Dove Soft Limited is located in Goregaon West, Mumbai, Maharashtra.

How to Check Dove Soft IPO Allotment Status

Investors can check the Dove Soft IPO allotment status after the basis of allotment is finalized through the registrar’s website or the BSE platform.

Through Purva Sharegistry

  1. Visit the Purva Sharegistry IPO allotment website.
  2. Select Dove Soft IPO from the available IPO list.
  3. Choose PAN Number, Application Number or DP/Client ID.
  4. Enter the required details.
  5. Submit the information to view the allotment status.

Through BSE

  1. Visit the BSE website and open the IPO or investor services section.
  2. Select Dove Soft IPO.
  3. Enter the PAN Number or Application Number.
  4. Complete the required verification.
  5. Submit the details to view the allotment status.

The allotment process and dates will be available after the company announces the final IPO schedule.

Dove Soft IPO Conclusion

Dove Soft IPO is a proposed BSE SME public issue of up to 66,00,000 equity shares, comprising up to 53,28,000 fresh shares and up to 12,72,000 Offer for Sale shares. The company operates in the cloud communications and CPaaS segment and provides SMS, RCS, Voice, WhatsApp, Email and other digital communication solutions.

The company has reported strong growth in revenue and profitability. Revenue from operations increased from ₹73.46 crore in FY2023 to ₹187.74 crore in FY2025, while PAT increased from ₹4.82 crore to ₹16.54 crore. For the nine-month period ended December 31, 2025, revenue from operations stood at ₹179.47 crore and PAT stood at ₹15.41 crore.

The fresh issue proceeds are proposed to be used primarily for funding working capital requirements, with ₹46 crore earmarked for this purpose. The company also intends to continue expanding its omni-channel communication services and deepen relationships with higher-volume enterprise customers.

At the same time, the business has exposure to mobile network operators, channel partners, customer concentration, technology and cybersecurity risks, competitive pressures and working-capital requirements. The final price band, issue valuation, lot size and IPO schedule should be considered once they are officially announced.

Dove Soft IPO FAQs

What is Dove Soft IPO?

Dove Soft IPO is a proposed SME book-built public issue of Dove Soft Limited comprising up to 66,00,000 equity shares. The issue includes a fresh issue of up to 53,28,000 equity shares and an Offer for Sale of up to 12,72,000 equity shares.

What is the price band of Dove Soft IPO?

The price band of Dove Soft IPO has not been announced.

What is the issue size of Dove Soft IPO?

Dove Soft IPO comprises up to 66,00,000 equity shares. The final issue amount will depend on the price band announced by the company.

What is the fresh issue size of Dove Soft IPO?

The fresh issue comprises up to 53,28,000 equity shares. The final rupee value will depend on the issue price.

What is the Offer for Sale size of Dove Soft IPO?

The Offer for Sale comprises up to 12,72,000 equity shares. Rahul Bhanushali and Sky Occean Infrastructure Limited are the promoter selling shareholders.

When will Dove Soft IPO open?

The Dove Soft IPO opening date has not been announced.

When will Dove Soft IPO close?

The Dove Soft IPO closing date has not been announced.

What is the lot size of Dove Soft IPO?

The minimum bid lot has not been announced.

What is the minimum investment required for Dove Soft IPO?

The minimum investment cannot be calculated until the company announces the final price band and minimum bid lot.

What is the Dove Soft IPO GMP?

The Dove Soft IPO GMP is currently not available. GMP is an unofficial market indicator and is not part of the formal IPO process.

When is Dove Soft IPO allotment?

The Dove Soft IPO allotment date has not been announced.

When will Dove Soft IPO list?

The listing date has not been announced. The company proposes to list its equity shares on BSE SME.

Who is the registrar of Dove Soft IPO?

Purva Sharegistry (India) Private Limited is the registrar to the Dove Soft IPO.

Who is the lead manager of Dove Soft IPO?

Swastika Investmart Limited is the Book Running Lead Manager to the Dove Soft IPO.

What does Dove Soft Limited do?

Dove Soft Limited provides integrated cloud communications solutions through SMS, RCS, Voice, WhatsApp, Email and other digital channels. It serves enterprises and OTT platforms across multiple industries.

What are the objects of Dove Soft IPO?

The fresh issue proceeds are proposed to be used for funding working capital requirements and general corporate purposes. The company has earmarked ₹46 crore towards working capital requirements.

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