Dove Soft SME IPO
Dove Soft IPO — date, price band, GMP & allotment 2026
Dove Soft Limited provides cloud communication services to enterprises and OTT platforms through bulk and transactional SMS, RCS, voice and IVR, WhatsApp Business API and email. It serves clients across telecom, IT, BFSI, retail, e-commerce, healthcare and media.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 25 September.
- Open 30 Sep 2026
- Close 05 Oct 2026
- Allotment 06 Oct 2026
- Refund/credit 07 Oct 2026
- Listing 08 Oct 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 30 Sep to 5 Oct, 2026 |
|---|---|
| Price Band | ₹104 – ₹111 |
| Face Value | ₹10 |
| Lot Size | 1200 Shares |
| Issue Size | ₹73.26 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE SME |
| Registrar | Purva Sharegistry (India) Private Limited |
| Min Investment | ₹ 2,66,400 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 1200 shares at the ₹111 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 2,400 | ₹2,66,400 |
| Retail (max) | 2 | 2,400 | ₹2,66,400 |
| HNI (min) | 3 | 3,600 | ₹3,99,600 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 7
- 01Sales 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.
- 02Profit has more than doubled over the same period, from Rs 10.27 crore to Rs 23.40 crore.
- 03The company carries very little debt, with borrowing of Rs 6.29 crore against a net worth of Rs 70.69 crore.
- 04The issue is priced at about 11.56 times earnings on an EPS of Rs 9.60, which is modest for this growth.
- 05It serves clients across many industries, so it is not dependent on one sector.
- 06Messaging such as OTPs and transaction alerts is essential and recurring, since businesses send it every day regardless of conditions.
- 07It offers several channels together, SMS, RCS, voice, WhatsApp and email, so a client can move between channels without changing provider.
Risks · 8
- 01Cloud 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.
- 02The company depends on telecom operators for SMS delivery and on Meta for WhatsApp. Changes in their pricing or rules directly affect its margin.
- 03Messaging is closely regulated through TRAI rules on commercial communication and sender registration, which change periodically.
- 04Competition is intense from large listed and global communication platforms, and clients switch providers on price.
- 05The return ratios and PAT margin are not stated in the data available to us.
- 06Rs 46 crore of the Rs 73.26 crore issue goes into working capital, which is high for a platform business.
- 07Promoter holding falls from 74.32% to 53.73%, and the promoter group includes a corporate entity. This is also a fresh issue combined with an offer for sale.
- 08This 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.
Three years of numbers
All figures in ₹ crore, as reported in the Dove Soft offer document.
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 164.40 | 108.99 | 85.56 |
| Total Income | 274.74 | 188.26 | 119.79 |
| Profit After Tax | 23.40 | 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 | 14.80 |
| Total Borrowing | 6.29 | 2.49 | 2.54 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Dove Soft RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Dove Soft IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹12.28 | ₹9.60 |
| P/E Ratio (x) | 9.04 | 11.56 |
| Market Cap at Offer Price (₹ Cr) | ₹211.51 | ₹270.69 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹111 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹46.00 Cr of the issue is earmarked to named objects.
About the company
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.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
+91 9321938063
The bankers & the filings
Who is running the book, and the documents this page is built from.
Company contact
Frequently asked
What is the GMP of Dove Soft?
The current Grey Market Premium is ₹0.
What is the Dove Soft IPO price band?
₹104 to ₹111, on a face value of ₹10.
When is the allotment?
The basis of allotment is 6 October 2026, with listing on 8 October 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Purva Sharegistry (India) Private Limited.
Get ready before the book opens.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
