Dove Soft IPO
CLOSEDSMEDSLBidding Closed
Allotment date reached
Allotment
06 Oct 2026
Listing
08 Oct 2026
- Price Band
- ₹104 – ₹111
- Lot Size
- 1,200
- Lot Value
- ₹1,33,200
- Open Date
- 30 Sep30 Sep 2026
- Close Date
- 05 Oct05 Oct 2026
- Min Investment
- ₹1,33,200
About Dove Soft
Dove Soft is an integrated cloud-communications solutions provider offering multi-channel communication services to businesses. The company provides enterprise clients and over-the-top platforms with transactional Short Message Service, Rich Communication Services, WhatsApp, Voice, Interactive Voice Response, automated voice call solutions, Email, and digital marketing products. It operates on a usage-based pay-per-use revenue model, generating income based on the volume of messages and voice pulses processed through its platform. The business caters to clients across diverse industry sectors, including telecom, information technology, banking, financial services, insurance, e-commerce, retail, healthcare, real estate, automobile, travel, and food and beverages. The company engages with mobile network operators on an invoice-based arrangement and collaborates with channel partners and messaging infrastructure providers to deliver its services. Its cloud platform enables organizations to manage customer interactions, streamline business operations, and enhance messaging reach efficiently across multiple digital communication channels.
Use of IPO Proceeds
Total allocation: ₹46.00 Cr (excludes issue expenses)
Investment Analysis
Quick Analysis: 5 strengths · 5 risk factors· Exchange: BSE SME
Strengths (5)
- •Multi-channel cloud communications provider with a scalable platform.
- •Diversified client base across telecom, BFSI, retail, and e-commerce sectors.
- •Recurring usage-based revenue model delivering consistent revenue growth.
- •Strategic relationships with mobile network operators and channel partners.
- •Experienced promoter and key management team with domain expertise.
Risk Factors (5)
- •High customer concentration with top 10 clients contributing most revenue.
- •Substantial working capital requirements due to extended customer credit terms.
- •Dependency on direct telecom operators and third-party infrastructure providers.
- •Regional revenue concentration primarily in Northern and Western India.
- •Past instances of negative cash flows from operating activities.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 1.36x (QIB 1.00x, NII 1.87x, Retail 0.81x) at close
- GMP ₹0 (+0.0%), unofficial, as of 06 Oct 2026, 05:03 PM IST
GMP Trend
Latest: ₹0 (+0.00%)Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (1 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,33,200 |
| Retail (max) | 1 | 1,200 | ₹1,33,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,66,400 |
| S-HNI (max) | 7 | 8,400 | ₹9,32,400 |
| B-HNI (min) | 8 | 9,600 | ₹10,65,600 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 | Day 5 |
|---|---|---|---|---|
| QIB | — | 1.00x | 1.00x | 1.00x |
| sNII (S-HNI) | — | — | — | — |
| bNII (B-HNI) | — | — | — | — |
| Retail | 0.43x | 0.55x | 0.55x | 0.81x |
| Total | 0.80x | 0.87x | 0.87x | 1.36x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
0.81x
Allotment Ratio
Full allotment
Allotment Probability
~100.0%
Non-Institutional Investors (NII / HNI)
Subscription
1.87x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
1.00x
Allotment Type
Discretionary allotment
Total Subscription
1.36x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
30 Sep 2026 · Wed
Issue Closes
05 Oct 2026 · Mon
UPI Deadline
05 Oct 2026 · Mon
Allotment
06 Oct 2026 · Tue
Refund
07 Oct 2026 · Wed · Today
Share Credit
07 Oct 2026 · Wed · Today
Listing
08 Oct 2026 · Thu · Tomorrow
Issue Opens
30 Sep 2026 · Wed
Issue Closes
05 Oct 2026 · Mon
UPI Deadline
05 Oct 2026 · Mon
Allotment
06 Oct 2026 · Tue
Refund
07 Oct 2026 · Wed · Today
Share Credit
07 Oct 2026 · Wed · Today
Listing
08 Oct 2026 · Thu · Tomorrow
IPO Details
| Registrar | — |
| Exchange | BSE SME |
| ISIN | — |
| Face Value | — |
| Issue Size | ₹73.26 Cr |
| Fresh Issue | — |
| OFS Size | — |
| Lead Managers | SWASTIKA INVESTMART LIMITED |
3-Year Financial Summary
Revenue trend
↑ FY24→FY26
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY26 | 273.98 | 23.4 | — | — | 25.89% |
| FY25 | 187.74 | 16.54 | — | — | 24.78% |
| FY24 | 119.73 | 10.27 | — | — | 31.01% |
Detailed Line Items (₹ Cr)
| Line Item | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 119.79 | 188.26 | 274.74 |
| EBITDA | 14.77 | 24.13 | 32.78 |
| Net Worth | 33.12 | 66.74 | 90.4 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
—
Price ÷ EPS
EPS (FY26)
—
Earnings per share
RoNW
25.89%
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
12.0%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Check the valuation yourself
Company Fundamentals
11 sections extracted from this filingCapital Structure
| Authorised Capital | ₹350000000.00 Cr |
| Issued Capital | ₹19.06 Cr |
| Paid-up Capital | ₹19.06 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
| Convertibles | None; only ESOP options to be granted/exercised |
Source: Dove Soft offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
- Rahul Bhanushali(Promoter)—
- Virendra Shah(Promoter)—
- Chirag Shah(Promoter)—
- Jenil Shah(Promoter)—
- Sky Occean Infrastructure Limited(Promoter Group)—
- Kurjibhai Rupareliya(Other)—
- Lalitaben Rupareliya(Other)—
- Rajabhau Phad(Other)—
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Dove Soft's filing.
Source: Dove Soft offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- Rahul Bhanushali6,36,000 sh
- Sky Occean Infrastructure Limited6,36,000 sh
Source: Dove Soft offer document (DRHP/RHP).
Board & Management
Board of Directors (3)
- Rahul Bhanushali₹0.36 Cr p.a.
Chairman and Managing Director
Higher secondary education
14 years of experience in the industry in which the Company operates
- Pankaj Bhanushali₹0.26 Cr p.a.
Executive Director
Higher Secondary level
Associated as general manager from 2018
- Chandra Prakash Maurya₹0.26 Cr p.a.
Executive Director
Bachelor of Business Administration and Master of Business Administration
17 years of experience in Sales and Marketing
Key Managerial Personnel (2)
- Gaurav Karmawat₹0.07 Cr p.a.
Chief Financial Officer
Bachelors in Commerce in Financial Markets
9 years of experience in Audit and Financial Field
- Archit Tundia₹0.11 Cr p.a.
Company Secretary and Compliance Officer
Bachelor of Commerce and Associate member of ICSI
More than 3 years of experience in Secretarial Field
Source: Dove Soft offer document (DRHP/RHP).
Industry & Market
Industry & market data not disclosed in this filing.Market-size/industry detail was not extracted from Dove Soft's filing.
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Dove Soft Limited | — | 11.78 | 29.79 | 47.43 |
| Route Mobile Ltd | 13.21 | 37.94 | 9.72 | 447.85 |
| Tanla Platforms Ltd | 13.58 | 38.36 | 20.46 | 187.61 |
Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Dove Soft IPO opening?
The Dove Soft IPO opens on 30 Sep 2026 and closes on 05 Oct 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Dove Soft IPO?
The price band for the Dove Soft IPO is ₹104 to ₹111. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Dove Soft IPO?
The minimum lot size is 1200 shares with a minimum investment of ₹1,33,200. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Dove Soft IPO today?
The latest Grey Market Premium for Dove Soft is ₹0 (+0.00%). GMP is unofficial data and is not a guarantee of listing price.
When will the Dove Soft IPO list on NSE and BSE?
The Dove Soft IPO is expected to list on 08 Oct 2026 on BSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Dove Soft IPO allotment status?
You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Dove Soft IPO a mainboard or SME issue?
Dove Soft is a SME IPO that will list on the NSE Emerge or BSE SME platform. SME IPOs require a minimum application value of one lakh rupees.
How do I apply for the Dove Soft IPO?
You can apply for the Dove Soft IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Dove Soft IPO?
The GMP-implied price (unofficial, not a forecast) is ₹111: the upper price band of ₹111 plus the latest grey market premium of ₹0, as of 06 Oct 2026, 05:03 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Dove Soft IPO?
Based on the retail subscription of 0.81x, all retail applicants are expected to receive full allotment for the Dove Soft IPO.
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Dove Soft