Dove Soft IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 1x |
| NII | 1.96x |
| sNII (₹2L–₹10L) | 0.21x |
| bNII (above ₹10L) | 2.83x |
| Retail (RII) | 0.81x |
| Total | 1.38x |
Bidding day 6 · final figures at close of bidding: 8 Oct 2026, 6:30 pm IST
IPO Details
- Open Date
- 30 Sept 2026
- Close Date
- 5 Oct 2026
- Listing Date
- 8 Oct 2026
- Face Value
- ₹10
- Fresh Issue
- ₹55.48 Cr
- OFS
- ₹14.12 Cr
- Listing On
- BSE
- Registrar
- Purva Sharegistry
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,66,400 |
| HNI (Min) | 3 | 3,600 | ₹3,99,600 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| QIB (ex-anchor) | 64,800 | 1.03% |
| NII | 30,70,800 | 48.98% |
| — sNII (< ₹10L) | 10,22,400 | 16.31% |
| — bNII (> ₹10L) | 20,48,400 | 32.67% |
| Retail | 31,34,400 | 49.99% |
| Total | 62,70,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 119.79 | 10.27 | 14.77 | 29.99 | 85.56 | 2.54 | — |
| FY 2025 | 188.26 | 16.54 | 24.13 | 58.28 | 108.99 | 2.49 | 12.28 |
| FY 2026 | 274.74 | 23.4 | 32.78 | 70.69 | 164.4 | 6.29 | — |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 9.04x
- P/E (post-issue)
- 11.56x
- RoE
- 33.12%
- RoCE
- 42.14%
- Debt / Equity
- 0.13
- EPS (pre-issue)
- ₹12.28
- EPS (post-issue)
- ₹9.6
- EBITDA Margin
- 12.86%
- PAT Margin
- 8.81%
- P/BV
- 3.17x
- NAV / share
- ₹35.02
- Market Cap
- ₹270.69 Cr
As of 31 Mar 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding working capital requirements of the Company | ₹46 Cr |
| General Corporate Purposes | ₹3.71 Cr |
| Issue Expenses | ₹10.89 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Book Running Lead Manager’s fees | ₹1.2 Cr |
| Fees Payable to Registrar to the Offer | ₹0.02 Cr |
| Fees Payable Advertising, Marketing and Printing Expenses | ₹5.69 Cr |
| Fees Payable to Regulators including Stock Exchanges and other Intermediaries | ₹0.05 Cr |
| Fees Payable to Peer Review Auditor and Legal Counsel | ₹0.14 Cr |
| Fees Payable to Market Maker | ₹0.09 Cr |
| Fees payable to the Escrow Bank | ₹0.01 Cr |
| Others (Fees payable for distributing expenses, selling commission, brokerage, processing fees, underwriting fees and miscellaneous expenses | ₹3.7 Cr |
Promoters & Shareholding
Promoters: <p>Kurjibhai Rupareliya, Rahul Bhanushali, Sky Occean Infrastructure Ltd.</p>
- Holding (pre-issue)
- 74.32%
- Holding (post-issue)
- 52.86%
- Dilution
- 21.46%
Documents
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Dove Soft | 12.01 | 47.43 | — | 29.79% | Consolidated |
| Route Mobile Ltd. | 37.94 | 447.85 | 13.21x | 9.72% | Consolidated |
| Tanla Platforms Ltd. | 38.36 | 187.61 | 13.58x | 20.46% | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Dove Soft IPO
The Dove Soft SME IPO is open between 30 Sept 2026 and 5 Oct 2026, offered at a price band of ₹104–111 per share, and is set to list on BSE. The IPO seeks to raise ₹73.26 crore. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,66,400.
Issue structure
The offer combines a fresh issue of ₹55.48 crore with an offer for sale (OFS) of ₹14.12 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding working capital requirements of the company (₹46 crore), alongside issue expenses (₹10.89 crore). In all, 3 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Dove Soft reported revenue of ₹274.74 crore and a net profit of ₹23.4 crore. Revenue grew from ₹119.79 crore in FY2024 to ₹274.74 crore in FY2026 (+129.0%). Net worth stood at ₹70.69 crore at the end of FY2026.
Valuation
At the upper band, the issue is priced at 11.56× post-issue earnings and 3.17× book value, against a debt-to-equity ratio of 0.13. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Route Mobile Ltd. and Tanla Platforms Ltd., with a median peer P/E of about 13.4×. The issue's own post-issue P/E works out to 11.56×.
Promoters
The promoters of the company are <p>Kurjibhai Rupareliya, Rahul Bhanushali, Sky Occean Infrastructure Ltd.</p>. Promoter holding stands at 74.32% before the issue and comes down to 52.86% after listing.
Grey market premium (GMP)
In the unofficial grey market, Dove Soft shares are quoted at a premium of ₹0 implying an expected listing around ₹111, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Dove Soft IPO was subscribed 1.38 times overall. The strongest demand came from non-institutional investors (NII) at 1.96 times, with qualified institutional buyers (QIB) at 1× and retail investors at 0.81×.
Listing performance
Dove Soft listed on 8 Oct 2026 at ₹110.3, a discount of -0.6% over the issue price of ₹111.
What to weigh
When evaluating the Dove Soft IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Dove Soft
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. Dove Soft Limited provides communication services that help businesses connect with customers through multiple digital channels. These include: 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. Dove Soft is ISO/IEC 27001 certified for information security and has connectivity with all major telecom operators in India, ensuring reliable and fast service delivery. As of April 15 2025, the company employed 67 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.
Dove Soft — Contact Details
- Registered office
- Office No. 1101,, DLH Park, Opp. MTN, Goregoan West, Mumbai, Maharashtra, 400062
- Phone
- +91 9321938063
- Website
- www.dovesoft.io/
- Registrar (IPO queries)
- newissue@purvashare.com
Frequently asked questions
- What is the Dove Soft IPO price band?
- The Dove Soft IPO price band is ₹104 to ₹111 per share, with a lot size of 1200 shares.
- What was the Dove Soft IPO GMP before listing?
- The final grey market premium recorded before the Dove Soft IPO listed was ₹0. The IPO listed on 8 Oct 2026 at ₹110.3, -0.6% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Dove Soft IPO open and close?
- The Dove Soft IPO opens on 30 Sept 2026 and closes on 5 Oct 2026.
- When is the Dove Soft IPO allotment and listing date?
- Allotment is expected on 6 Oct 2026. The shares are scheduled to list on 8 Oct 2026 on BSE.
- How many times was the Dove Soft IPO subscribed?
- The Dove Soft IPO was subscribed 1.38 times in total across all investor categories.
- What is the reservation split in the Dove Soft IPO?
- Of the total shares offered, retail investors get 49.99%, QIBs 1.03%, non-institutional investors 48.98%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Dove Soft and what is their holding?
- The promoters are <p>Kurjibhai Rupareliya, Rahul Bhanushali, Sky Occean Infrastructure Ltd.</p>. Promoter holding is 74.32% before the issue and 52.86% after listing.
- What is the P/E ratio of the Dove Soft IPO?
- At the upper price band, the Dove Soft IPO is valued at 9.04× pre-issue earnings and 11.56× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Dove Soft IPO?
- The net proceeds go primarily toward funding working capital requirements of the company, among 3 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Dove Soft IPO?
- The book-running lead manager is Swastika Investmart Ltd.. Purva Sharegistry is the registrar to the issue.
- Is Dove Soft a Mainboard or SME IPO?
- Dove Soft is an SME IPO, listing on BSE (SME platform).