Dove Soft IPO

Incorporated in August 2011, Dove Soft Limited provides integrated cloud-communication solutions through SMS, RCS, Voice, WhatsApp, Email and other digital channels. The company serves enterprises and OTT platforms with messaging, voice, IVR, automated calling, email and digital communication products. Its clientele spans Telecom, IT, Travel, Entertainment, Media, Advertising, Retail, Real Estate, Healthcare, BFSI, Automobile, E-commerce and Food & Beverage industries. Dove Soft operates a cloud-based delivery platform that enables clients to build and manage applications without maintaining underlying hardware and software infrastructure. Its service portfolio includes enterprise messaging, bulk SMS, transactional and promotional SMS, OTP delivery, automated voice solutions, email marketing infrastructure and WhatsApp Business API services. As of March 31, 2026, the company employed 92 people.

Dove Soft Limited IPO Overview

Dove Soft Limited is launching a bookbuilding IPO of ₹73.26 crore comprising 66,00,000 shares. The issue consists of a fresh issue of 53,28,000 shares aggregating to ₹59.14 crore and an offer for sale of 12,72,000 shares aggregating to ₹14.12 crore. The IPO will open for subscription on 30 September 2026 and close on 5 October 2026. The basis of allotment is expected to be finalised on 6 October 2026, while refunds and credit of shares to demat accounts are scheduled for 7 October 2026. The shares are proposed to list on the BSE SME platform on 8 October 2026. The price band is fixed at ₹104 to ₹111 per share, with a lot size of 1,200 shares. Retail investors must apply for at least two lots, or 2,400 shares, requiring ₹2,66,400 at the upper price band. Swastika Investmart Ltd. is the book-running lead manager and Purva Sharegistry (India) Pvt. Ltd. is the registrar.

Dove Soft Limited IPO Details

Particulars	Details
IPO Date	30 September 2026 to 5 October 2026
Listing Date	8 October 2026
Face Value	₹10 per share
Issue Price Band	₹104 to ₹111 per share
Lot Size	1,200 Shares
Total Issue Size	66,00,000 shares (aggregating up to ₹73.26 Cr)
Fresh Issue	53,28,000 shares (aggregating up to ₹59.14 Cr)
Offer for Sale	12,72,000 shares (aggregating up to ₹14.12 Cr)
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Share Holding Pre Issue	1,90,58,755 shares
Share Holding Post Issue	2,43,86,755 shares
Market Maker Portion	3,30,000 shares

Dove Soft Limited IPO Reservation

Investor Category	Shares Offered
QIB	64,800 shares (1.03% of Net Issue)
Retail	31,34,400 shares (49.99% of Net Issue)
NII (HNI)	30,70,800 shares (48.98% of Net Issue)

Dove Soft Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	2,400	₹2,66,400
Retail (Max)	2	2,400	₹2,66,400
S-HNI (Min)	3	3,600	₹3,99,600
S-HNI (Max)	7	8,400	₹9,32,400
B-HNI (Min)	8	9,600	₹10,65,600

Dove Soft Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	74.32%
Post-Issue	53.73%

Dove Soft Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹12.28
Price/Earnings (P/E) Ratio	9.04x
Return on Net Worth (RoNW)	29.79%
Net Asset Value (NAV)	₹47.43
Return on Equity	33.12%
Return on Capital Employed (ROCE)	42.14%
EBITDA Margin	12.86%
PAT Margin	8.81%
Debt to Equity Ratio	0.13

Objectives of the Proceeds

I. Funding working capital requirements of the company to support its operating cycle, receivables and business expansion requirements-₹46 crore.

II. General corporate purposes, including permitted business requirements and other strategic and operational needs of the company.

Key Financials (in ₹ crore)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	164.40	108.99	85.56
Revenue	274.74	188.26	119.79
Profit After Tax	23.40	16.54	10.27
Reserves and Surplus	70.18	47.04	14.80
Total Borrowings	6.29	2.49	2.54

IPO Strengths

I. Sustainable business model and consistent financial track record.

II. Diversified service portfolio resulting in our lesser dependence on a single industry, product or services.

III. Scalable delivery platform supported by robust infrastructure.

IV. Experienced Promoter and senior management team.

Peer Group Comparison

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹ per share)	P/E (x)	RoNW (%)
Dove Soft Ltd.	12.01	11.78	47.43	—	29.79
Peer Group
Route Mobile Ltd.	37.94	37.94	447.85	13.21	9.72
Tanla Platforms Ltd.	38.36	38.36	187.61	13.58	20.46