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Dove Soft SME IPO Review

Dove Soft SME IPO has been reviewed by 1 analyst, and the overall consensus is May Apply — carrying a score of 60. Out of the 1 analysts who have covered this IPO, 0 recommend subscribing while 1 advises caution or avoidance — reflecting a mixed view from the analyst community.

The issue is priced in the band of ₹104-111 per share, with a minimum application size of 1200 shares (minimum investment of approximately ₹133,200 at the upper band). Subscription ran from 30 Sep 2026 to 05 Oct 2026. The issue size is ₹73 crore, a mix of fresh issue and offer for sale. Scroll down for the full analyst breakdown and analyst-wise verdicts.

Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Analyst verdict & score

One score out of 100, aggregated from every analyst verdict tracked for this issue. How it's calculated

Sentiment score
60/ 100
May Apply 0 of 1 recommend subscribing
How analysts voted
May apply 1
Not rated 1

Higher consensus indicates broader analyst agreement.

Detailed review

What the analyst reports say, grouped by the question you're likely asking.

General review

Dove Soft provides cloud communication services to enterprises and OTT platforms over SMS, RCS, voice, WhatsApp and email, with SMS making up 88.61% of FY26 revenue. FY26 total income rose to ₹274.74 crore from ₹119.79 crore in FY24, and profit to ₹23.40 crore from ₹10.27 crore. Coverage is thin at a single note, which gave no rating.

Listing gains

At ₹111 the note values the issue at 11.57 times post-issue earnings and 9.42 times pre-issue earnings, the gap coming from the larger share base after the issue. Price to book is 2.34 times. The two listed peers it cites trade at about 13 to 14 times. The note calls this a moderate valuation, which pointed to a moderate listing, though one unrated source is a limited basis.

Short-term strategy

The issue mixes fresh shares and an offer for sale. The fresh money goes to working capital and general corporate purposes. Borrowings were ₹6.29 crore in FY26. The note flags 146 days of debtor collection, with receivables at 47.43% of revenue, which led to negative operating cash flow in FY25. With no rating, the note sets out that liquidity pressure without taking a near-term stance.

Long-term strategy

The note credits an asset-light, cloud-native platform, with customer churn falling to 19.44% in FY26 from 29.16% in FY24 and RoE at 29.79%. Its risks are concentration: the largest customer gave 37.60% of revenue, the top 10 made up 79.94%, and the top five service providers 86.66% of purchases. The long-term case it describes depends on diversifying beyond SMS.

How this is written: an AI-assisted summary of the 2 analyst reports listed below. It reports their views; IPO Guru does not make buy or sell recommendations.

Analyst reviews

Ordered by each analyst's track record over the past year; analysts still building one are listed last.

Analyst Verdict Report
Not Rated PDF
May Apply PDF

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Frequently asked

Should I apply for Dove Soft SME IPO?

The analyst consensus for Dove Soft SME IPO tracked on this page is May Apply, with a score of 60/100. Out of 1 analyst who have reviewed this IPO, 0 recommend subscribing. IPO Guru does not make buy or sell recommendations. Read the individual analyst reports and consult a SEBI-registered advisor before investing.

What does the score of 60 mean for Dove Soft SME IPO?

The score of 60 is an aggregate of all analyst ratings tracked for Dove Soft SME IPO. A score in this range reflects mixed views — some analysts are positive while others are cautious. Read the individual analyst verdicts above for more context.

What was the actual listing price of Dove Soft SME IPO?

Dove Soft SME IPO listed on October 8, 2026 at ₹110.3, against the issue price of ₹111 — a loss of -0.63% (₹0.7 per share). View the full GMP history page for day-wise pre-listing trends.

What is the price band and lot size of Dove Soft SME IPO?

Dove Soft SME IPO was priced at ₹104-111 per share. The minimum lot size is 1200 shares, making the minimum investment approximately ₹133,200 at the upper end of the price band. Subscription ran from 30 Sep 2026 to 05 Oct 2026.

Explore Dove Soft SME IPO further

Analyst views are one input. Read them alongside the demand, the grey market and the filings before you decide.

Dove Soft SME IPO review

A verdict is an opinion, not a guarantee.

IPO Guru collects analyst views, GMP, subscription and allotment for every Mainboard and SME issue. Weigh them together — and against the offer document — before you apply.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.

Consensus
May Apply
Score
60 / 100
Listed at
₹110.3
Full IPO details