SME
IPO ·
BSE SME
Dove Soft Ltd
Listed
Cloud communications provider offering bulk SMS, voice/IVR, email and WhatsApp Business API to enterprises.
Issue details
Price band
₹104 – ₹111
Face value
₹10
Lot size
1,200 shares
Minimum investment
₹2,66,400
Issue size
₹73.26 Cr
Fresh issue
₹59.14 Cr
Offer for sale
₹14.12 Cr
Issue type
Book Built
Exchange
BSE SME
Key dates
Opens
30 Sep 2026
Closes
5 Oct 2026
UPI mandate cut-off
5:00 PM on 5 Oct 2026
Allotment
6 Oct 2026
Refunds
7 Oct 2026
Shares in demat
7 Oct 2026
Listing
8 Oct 2026
Subscription and listing
Subscription
1.38x
Listing price
₹110.30
Registrar
Purva Sharegistry (India) Pvt Ltd
Lead manager
Swastika Investmart Ltd
Subscription by category
QIB (Ex Anchor)
1.00x
NII *
1.96x
bNII (> ₹10L)
2.83x
sNII (< ₹10L)
0.21x
Individual Investor
0.81x
Total
1.38x
Total applications
1,263
Listing day
Issue price
₹111
Open
₹110.30
High
₹111.00
Low
₹104.80
Day close
₹104.80
Listing gain at open
-0.63%
Issue structure
Shares reserved per category and share of the total issue
QIB
64,800
0.98%
NII
30,70,800
46.53%
bNII > ₹10L
20,48,400
31.04%
sNII < ₹10L
10,22,400
15.49%
Retail
31,34,400
47.49%
Market Maker
3,30,000
5.00%
Total
66,00,000
100.00%
Finaccle’s quick read
Apply
Revenue up 46% and PAT up 42% in FY26 with ROE of 33.12%, debt/equity of 0.13 and a post-issue P/E of 11.56; about 80% of the issue is fresh, though PAT margin is a thin 8.81%.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Dove Soft is a cloud communications provider offering enterprise SMS and OTP messaging, RCS, voice services such as IVR and outbound dialling, email marketing and the WhatsApp Business API. Its customers are enterprises and OTT platforms. The company had 92 employees and total income of about ₹275 Cr in FY26.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
33.12%
ROCE
42.14%
Debt / equity
0.13
PAT margin
8.81%
P/E post issue
11.56
Market cap
₹270.69 Cr
Use of IPO money
Working capital
₹46.00 Cr
General corporate purposes
₹3.71 Cr
Issue expenses
₹10.89 Cr
Strengths
✓
Consistent growth: revenue up 46% and PAT up 42% in FY26
✓
Very low debt with debt/equity of 0.13
✓
Low post-issue P/E of 11.56
✓
Broad multi-channel communications offering
Risks to watch
!
Thin PAT margin of 8.81% typical of CPaaS resellers
!
OFS of about ₹14 Cr by promoters
!
Competitive, telecom-cost-dependent messaging market
!
Weak retail demand at 0.81x subscription
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.