- POSITIVE
Annual Revenue Dove Soft Mar-2025 Annual Revenue is Rs 157 Cr which is growth of 59.9% YoY.
- POSITIVE
Annual Net Profit Dove Soft Mar-2025 Annual Net Profit is Rs 11 Cr which is growth of 16.6% YoY.
Dove Soft Ltd. IPO Details
Dove Soft was incorporated on August 19, 2011. The company provides cloud communication solutions through SMS, RCS, Voice, WhatsApp, Email and other digital channels as a CPaaS provider. Its scalable services help enterprises and OTT platforms engage customers through messaging, voice, email and other digital solutions
| Bidding Dates |
|---|
| 30 Sep 2026 - 05 Oct 2026 |
| Subscription |
|---|
| 0.87x Undersubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹249,600 | 2 | 2 | 1200 | 6.6 M | ₹104 - ₹111 | 52.86 % | ₹686.4 M - ₹732.6 M | RHP DOC |
Dove Soft IPO SUBSCRIPTION STATUS
01 Oct '26Total0.87x
Retail Individual Investor0.55x
HNI (NII) Investors1.17x
Qualified Institutional Buyers1x
Dove Soft IPO overall subscription rate was 0.87 times the total available shares
Dove Soft IPO retail subscription rate was 0.55 times in the retail segment
Dove Soft IPO non-institutional investor subscription rate was 1.17 times in the non-institutional investor category
Dove Soft IPO Qualified Institutional Bidder subscription rate was 1 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
01 Oct 2026 (Day 2) | 0.55x | 1.17x | 1x |
30 Sep 2026 (Day 1) | 0.32x | 0.36x | 0x |
Dove Soft FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 274.0 | 23.4 | 4.3 | 0.5 | 12.0% |
| FY25 | 187.7 | 16.5 | -17.5 | -14.0 | 12.9% |
| FY24 | 119.7 | 10.3 | 0.3 | 0.7 | 12.3% |
Dove Soft IPO SUBSCRIPTION STATUS DETAILS
Dove Soft has 6.6 M shares on offer
Dove Soft IPO offer price is in the range ₹104 - ₹111
Dove Soft IPO minimum Investment is ₹249600
Dove Soft IPO issue size is ₹ 686.4 M - ₹ 732.6 M
Dove Soft has a minimum lot size of 1200 Shares per application
Dove Soft NUMBER OF SHARES ON OFFER
Total6.6 M
Fresh Issue5.3 M
Offer for Sale1.3 M
Post Issue Promoter Holding %52.86 %
Dove Soft IPO IMPORTANT DATES
| Issue Open Date | 30 Sep 2026 |
| Issue close Date | 05 Oct 2026 |
| Allotment Date | 06 Oct 2026 |
| Refund Date | 07 Oct 2026 |
| Demat Account Credit Date | 07 Oct 2026 |
| Listing Date | 08 Oct 2026 |
| Listing on Exchange(s) | BSE |
| Dove Soft Allotment Status | Exchange/ Registrar |
Dove Soft IPO subscription opens on 30 Sep 2026, and closes on 05 Oct 2026
IPO allotment for Dove Soft is expected to be finalized on Tuesday, 06 Oct 2026
IPO listing for Dove Soft will be on BSE on Thursday, 08 Oct 2026
Dove Soft Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dove Soft Ltd. | 111 | 270.7 | 11.8 | 0.3 | 1 | 25.6 | 13.9 | 274.7 | 45.9 | 22.9 | 41.7 | 9.4 | 41.7 |
| One97 Communications Ltd. | 1656 | 106250.3 | 163.5 | 1.4 | 11.8 | 3.4 | 2.3 | 9291 | 21.9 | 553 | 184 | 10.1 | 114.7 |
| PB Fintech Ltd. | 980 | 45349.8 | 60.6 | 0.6 | 6.2 | 9.2 | 7.7 | 7166.4 | 33.1 | 669.9 | 89.8 | 16.2 | 98.3 |
| Affle 3I Ltd. | 1449.6 | 20426.9 | 42.8 | 2.2 | 7.2 | 12.4 | 10.3 | 2787.6 | 18.1 | 454.9 | 19.1 | 33.9 | 19.2 |
| Pine Labs Ltd. | 167.6 | 19352.4 | 152 | 0.7 | 6.8 | 1.9 | 0.8 | 2847.2 | 22.3 | 112.5 | 177.3 | 1.1 | 212.8 |
| Nazara Technologies Ltd. | 384.7 | 14799.3 | -282.1 | 1.9 | 8.4 | 2.8 | 2.2 | 3072.6 | 79.1 | 95.8 | 26.4 | -1.4 | -149 |
Annual
Balance Sheet
Ratios
Cash Flow
Dove Soft annual results: revenue, profit, P&L, and margins as of Mar 2025 – 11 year history
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| Indicator | Graph | Mar '25 | Mar '24 |
|---|---|---|---|
| 156.8 | 98.1 | ||
Operating Exp. Ann. | 140.1 | 85.2 | |
Operating Profit Ann. | 16.5 | 12.8 | |
OPM Ann. % | 10.54% | 13.10% | |
| 142.4 | 86.3 | ||
EBITDA Ann. | 16.8 | 12.9 | |
EBITDA Ann. margin % | 10.68% | 13.16% | |
Interest Ann. | 1.1 | 0.3 | |
Depr. | 1.2 | 0.8 | |
PBT Ann. | 14.4 | 11.8 | |
Tax Ann. | 3.9 | 2.7 | |
| 10.6 | 9.1 | ||
Net Profit Ann. | 10.6 | 9.1 | |
NPM Ann. % | 6.73% | 9.23% | |
EPS Adj. latest Ann. | 4.3 | 3.7 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
59.8%
Net Profit Ann.
1Y CHG
16.5%
Operating Exp. Ann.
1Y CHG
64.4%
Dove Soft INFORMATION ON IPO ISSUE
About Dove Soft
Dove Soft was incorporated on August 19, 2011. The company provides cloud communication solutions through SMS, RCS, Voice, WhatsApp, Email and other digital channels as a CPaaS provider. Its scalable services help enterprises and OTT platforms engage customers through messaging, voice, email and other digital solutions
Object of the Issue
- To meet the working capital requirements
- General corporate purposes
Dove Soft - PROMOTERS
| Name |
|---|
| Sky Occean Infrastructure Limited |
| Rahul Bhanushali |
| Kurjibhai Rupareliya |
Dove Soft - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Rahul Bhanushali | Chairmand & Managing Director |
| Pankaj Bhanushali | Executive Director |
| Chandra Prakash Maurya | Executive Director |
| Chirag Mewada | Non-Executive Director |
| Nikunj Gatecha | Independent Director |
| Pratibha Gupta | Independent Director |
Dove Soft Book Running Lead Manager
Swastika Investmart Limited
mb@swastika.co.in
Dove Soft Registrar to the Offer
Purva Sharegistry (India) Private Limited
newissue@purvashare.com
Dove Soft Strengths
Enterprise communication solutions
The company provides enterprise communication and digital engagement solutions through SMS, RCS, Voice, WhatsApp, Email and other digital channels. Its services help enterprises and OTT platforms engage end customers in real time across sectors such as BFSI, e-commerce, logistics, healthcare, government and education
Strength
Diversified product portfolio
The company offers a diversified range of services across Telecom, Information Technology, Entertainment and Media, Travel and Tourism, Real Estate, Advertising and Events, among others. Its broad service portfolio and customer base reduce dependence on a single sector and help mitigate risks from sector-specific downturns, regional disruptions and unforeseen events
Strength
Scalable delivery platform
The company’s cloud-based delivery platform enables enterprises to build and manage applications without purchasing, configuring or maintaining underlying hardware and software. All applications are deployed on cloud servers, supporting scalable and efficient service delivery
Strength
Dove Soft Risks
Market evolution risks
The company operates in a rapidly evolving and highly competitive market driven by technological advancements, changing customer preferences and new service offerings. Failure to adapt services, technologies and pricing to market changes may result in customer loss, pricing pressure, lower margins, reduced sales and market share
Risk
Depend on vendor services
The company relies on third-party messaging infrastructure providers for the capacity, reliability and security of its cloud communication platform. Service disruptions, outages, capacity constraints, infrastructure failures or termination of services by these providers may interrupt operations and adversely affect its revenue, business, financial condition and results of operations
Risk
Expansion risks
The company plans to expand its product portfolio to meet changing customer preferences and market demand, but new products may not achieve expected market acceptance or commercial success. Failure of new products may result in unrecovered development and marketing costs, adversely affecting its results of operations and financial condition
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 14.1 crore, of 1,272,000 shares. It also consists of a fresh issue of Rs 59.1 crore.
The promoters of the company are Sky Occean Infrastructure Limited, Rahul Bhanushali and Kurjibhai Rupareliya.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 104.0 - 111.0.
The IPO application opens on Sep 30, 2026 and closes on Oct 05, 2026.
The minimum lot size for the IPO is 2400. The maximum lot size for the IPO is 2400.
For all category investors, the minimum application amount for this IPO is Rs. 249,600.0, the maximum value for this IPO is Rs 266,400.0.
This IPO will be allotted on Oct 06, 2026.
The refund will be credited to your account on Oct 07, 2026.
The allotted shares will be credited to your demat on Oct 07, 2026.
Dove Soft Ltd.’s shares will list on the stock exchanges on Oct 08, 2026.