Dove Soft
- Issue price
- ₹ 111
- Issue size
- ₹ 73.26 Cr.
- Min. investment
- ₹ 1,33,200
- Listing price
- ₹ 110.3
- Subscribed
- 1.36x
- Lot size
- 1,200 shares
- P/E
- 11.56
- EPS
- ₹ 9.60
- Promoter stake
- 52.86%
About
Dove Soft Limited was started in August 2011. It provides cloud communication services, meaning the systems businesses use to send messages to their customers at scale, across SMS, RCS, voice, WhatsApp, email and other digital channels. Its enterprise messaging covers bulk SMS, transactional and promotional SMS and one-time passwords. Its voice solutions cover automated IVR, outbound dialling and missed call alerts. It also runs high-volume email delivery and offers the WhatsApp Business API for notifications, support and marketing. Its clients are enterprises and OTT platforms across telecom, IT, travel, entertainment, media, advertising, retail, real estate, healthcare, banking and finance, automobile, e-commerce and food and beverages. Its cloud platform lets clients build and run communication applications without managing their own infrastructure.
Timeline
- doneOpens30 Sep
- doneCloses5 Oct
- doneAllotment6 Oct
- doneRefunds7 Oct
- doneDemat credit7 Oct
- doneListing8 Oct
Subscription
How many times each investor group bid for its share, as of 08 Oct 2026, 06:30 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 1,200 | ₹ 1,33,200 |
| Retail (Max) | 1 | 1,200 | ₹ 1,33,200 |
| HNI (Min) | 2 | 2,400 | ₹ 2,66,400 |
Company overview
Financials
| Assets | 164.4 | 108.99 | 85.56 |
| Total Income | 274.74 | 188.26 | 119.79 |
| Profit After Tax | 23.4 | 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 | 14.8 |
| Total Borrowing | 6.29 | 2.49 | 2.54 |
Strengths
- Sales have more than doubled in two years, from Rs 119.79 crore in FY2024 to Rs 188.26 crore in FY2025 and Rs 274.74 crore in FY2026.
- Profit has more than doubled over the same period, from Rs 10.27 crore to Rs 23.40 crore.
- The company carries very little debt, with borrowing of Rs 6.29 crore against a net worth of Rs 70.69 crore.
- The issue is priced at about 11.56 times earnings on an EPS of Rs 9.60, which is modest for this growth.
- It serves clients across many industries, so it is not dependent on one sector.
- Messaging such as OTPs and transaction alerts is essential and recurring, since businesses send it every day regardless of conditions.
- It offers several channels together, SMS, RCS, voice, WhatsApp and email, so a client can move between channels without changing provider.
Risks
- Cloud messaging is a thin margin business. The profit of Rs 23.40 crore on income of Rs 274.74 crore is about 8.5%, because most of the price goes to telecom operators.
- The company depends on telecom operators for SMS delivery and on Meta for WhatsApp. Changes in their pricing or rules directly affect its margin.
- Messaging is closely regulated through TRAI rules on commercial communication and sender registration, which change periodically.
- Competition is intense from large listed and global communication platforms, and clients switch providers on price.
- Return on equity, return on capital employed and return on net worth are not stated in the data available to us, so capital efficiency cannot be checked against peers.
- Rs 46 crore of the Rs 73.26 crore issue goes into working capital, which is high for a platform business.
- Promoter holding falls from 74.32% to 52.86%, and the promoter group includes a corporate entity. This is also a fresh issue combined with an offer for sale.
- This is an SME issue. One lot is 1,200 shares, which is about Rs 1.33 lakh at the upper band of Rs 111, and SME shares usually trade in low volume after listing.
What the money is for
| Funding working capital requirements of the Company | 46 |
| General Corporate Purposes | — |
Promoters
- Kurjibhai Rupareliya
- Rahul Bhanushali
- Sky Occean Infrastructure Ltd
Registrar, lead managers and documents
- Listing on
- BSE SME
- Face value
- ₹ 10 a share
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.