In Progress
Valuation
Market Cap
₹270.69 Cr
P/E Ratio
9.42x
P/B Ratio
2.34x
Dove Soft IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Dove Soft Limited headquartered in Mumbai, is an integrated cloud-communications (CPaaS) solutions provider in India, delivering SMS, RCS, Voice, WhatsApp, Email and other digital engagement channels. The Company acts as an aggregator between telecom operators and enterprise/OTT clients, serving industries including Telecom, IT, Travel & Tourism, BFSI, Retail, Real Estate, Healthcare and E-commerce. It operates two subsidiaries, Dove Soft Technologies Private Limited and Dubai-based Dove Soft Global FZCO, contributing over 22% of FY26 consolidated revenue. For FY26, the Company reported revenue from operations of Rs.273.98 Crore and PAT of Rs.23.40 Crore, with SMS its largest service line at 88.6% of revenue, alongside growing Voice, WhatsApp and RCS offerings.
Lots & IPO Size
Dove Soft IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 2,400 | ₹2,66,400 |
| Ind (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 |
Market Maker
₹3.30 L
Employee
₹0.00
Shareholder
₹0.00
Dove Soft IPO Size
Total
₹73 Cr
Fresh Issue
₹59 Cr
(0.53 Cr
Shares)
Offer For Sale
₹14 Cr
(0.13 Cr
Shares)
Promoters₹14 Cr
Objects of the Issue
To Meet the Working Capital Requirements
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
The Company is involved in income tax proceedings, including a demand of Rs.125.57 Lakhs for alleged accommodation entries; an adverse outcome could hurt its financial condition and reputation.
Key Risk Factors
The Company is involved in income tax proceedings, including a demand of Rs.125.57 Lakhs for alleged accommodation entries; an adverse outcome could hurt its financial condition and reputation.
Income tax proceedings against Group Company E-Trav Tech Limited, involving a Rs.207 Lakhs demand, may adversely affect its reputation and, consequently, the Company's reputation.
Proceedings involving Veronica Productions Limited, with which Promoter Group member Hitesh Rupareliya was earlier associated, may adversely affect his and the Company's reputation.
The Company may face penalties for not obtaining a fresh valuation report when cancelling a Rs.3.21 Crore property transaction with Mr. Rajabhau Shriram Phad, pending ROC clarification.
The Company depends on its relationships with Channel Partners and Mobile Network Operators (MNOs); inability to maintain these relationships may adversely affect its business and financial condition.
Failures, defects or delays in the Company's technology systems and infrastructure could disrupt service delivery to clients, adversely affecting its business and results of operations.
The Company faces potential claims from clients misusing its platform to send unauthorized messages or calls in violation of TRAI regulations, which could adversely affect its business.
The Company's revenues depend on a limited number of clients; its top client contributed 37.60% of FY26 revenue, and loss of key clients could adversely affect its financial condition.
The Company's revenues are highly dependent on clients located in North and West India; any economic decline in these regions could adversely affect its business and financial condition.
Conflicts of interest may arise as the Company's Subsidiary, Group Company MOS Utility Limited, and certain Promoter Group entities are authorized to carry on a similar line of business.
Dove Soft IPO Details Live GMP
GMP
₹0
Est. Price
₹111
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 25 Sep | ₹0 (0%) | ₹111 |
| 24 Sep | ₹0 (0%) | ₹111 |
Dove Soft IPO Peer Comparison
(Rs. in crores)
| Particulars | Dove Soft | Route Mobile | Tanla Platforms |
|---|---|---|---|
| Revenue | 273.98 | 4,408.21 | 4,417.71 |
| PAT | 23.40 | 256.94 | 509.15 |
| EPS (₹) | 11.78 | 37.94 | 38.36 |
| NAV (₹) | 47.43 | 447.85 | 187.61 |
| RONW | 29.79% | 9.72% | 20.46% |
| EBITDA | 11.96% | 13.41% | 17.23% |
| PAT Mrgn | 8.54% | 5.83% | 11.53% |
| PE Ratio | 9.42 | 13.21 | 13.58 |
| Debt to Equity | 0.10 | - | 0.02 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of September 4, 2026 for Peers
Dove Soft IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 273.98 | 187.74 | 119.73 |
| Profit | 23.40 | 16.54 | 10.27 |
| Net Worth | 90.40 | 66.74 | 33.12 |
| Borrowings | 9.30 | 8.94 | 3.34 |
| Assets | 164.40 | 108.99 | 85.56 |
| NAV (₹) | 47.43 | 35.02 | 18.34 |
| EPS (₹) | 11.78 | 8.74 | 5.60 |
Key Performance Indicators (KPIs)
Debt to Equity
0.10
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Financial Margin Trends
Dove Soft IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 273.98 | 187.74 | 119.73 |
| Other Income | 0.76 | 0.52 | 0.06 |
| Total Income | 274.74 | 188.26 | 119.79 |
| Cost of Revenue | 223.57 | 152.23 | 96.32 |
| Employee Expense | 8.98 | 6.39 | 4.88 |
| Finance Costs | 1.21 | 1.16 | 0.32 |
| Depreciation | 2.10 | 1.30 | 0.79 |
| Other Expenses | 8.65 | 4.99 | 3.76 |
| Total Expenses | 244.51 | 166.07 | 106.06 |
| Profit Before Tax | 30.23 | 22.19 | 13.73 |
| Tax Expense | 6.83 | 5.39 | 4.14 |
| Profit After Tax | 23.40 | 16.80 | 9.60 |
| EPS — Basic (₹) | 12.01 | 8.82 | 5.60 |
| EPS — Diluted (₹) | 11.78 | 8.74 | 5.60 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 19.06 | 19.06 | 18.06 |
| Reserves & Surplus | 71.34 | 47.68 | 15.06 |
| Total Equity | 90.40 | 66.74 | 33.12 |
| Total Borrowings | 9.30 | 8.94 | 3.34 |
| Trade Payables | 58.91 | 30.73 | 46.17 |
| Other Liabilities | 5.80 | 2.58 | 2.93 |
| Total Equity & Liab | 164.40 | 108.99 | 85.56 |
| Fixed Assets | 8.22 | 6.48 | 11.09 |
| Non-Current Investment | 9.65 | 10.11 | 3.40 |
| Trade Receivables | 137.64 | 86.81 | 68.27 |
| Cash & Bank Balances | 1.74 | 1.31 | 0.21 |
| Other Assets | 7.14 | 4.27 | 2.59 |
| Total Assets | 164.40 | 108.99 | 85.56 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | 4.30 | -17.48 | 0.35 |
| Cash Flow from Investing Activities | -3.27 | -3.11 | 0.49 |
| Cash Flow from Financing Activities | -0.85 | 21.69 | -0.79 |
| Net Change in Cash & Equivalents | 0.18 | 1.10 | 0.05 |
| Cash & Equivalents at End of Period | 1.74 | 1.31 | 0.21 |
Promoter Holding
Promoter
74.32%
Public
25.68%
Rahul Bhanushali
37.42%
Kurjibhai Rupareliya
24.63%
Sky Occean Infrastructure
11.16%
Lalitaben Rupareliya
1.11%
Management
Rahul Bhanushali
Age: 39
Chairman & MD
Remuneration
₹Up to Rs.30.00 Lakhs p.a. (Rs.2.5 Lakhs/month) + 8.33% bonus (contractual terms)
Education
Higher Secondary Education
Prior Experience
14 years in the cloud-communications industry; oversees administration and marketing at the Company
Muktesh Narula
Age: NA
CEO
Remuneration
₹Rs.81.20 Lakhs p.a. (as paid, FY26)
Education
B.A. (Meerut University); Advanced Digital Marketing Training (Delhi School of Internet Marketing)
Prior Experience
30+ years in Marketing & Management; previously at Pinnacle Teleservices Private Limited
Gaurav Karmawat
Age: NA
CFO
Remuneration
₹Rs.7.20 Lakhs p.a. (as paid, FY26)
Education
B.Com in Financial Markets
Prior Experience
9 years in Audit & Finance; previously at MOS Utility Limited
Registrar & Lead Managers
Registrar
Purva Share Registry
Lead Managers (1)
Company Details
Name: Dove Soft Limited
Address: Office No. 1101, DLH Park, Opp. MTNL, Goregaon West, Mumbai- 400062, Maharashtra, India
Number: +91 9321938063
Email: secretarial@dove-soft.com
Website: https://www.dovesoft.io
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Frequently Asked Questions (FAQs)
What is Dove Soft IPO?
Dove Soft IPO is a SME IPO having an issue size of
₹73 Crs.
Dove Soft IPO is priced at
₹104 - ₹111 per
share.
The
issue opens on 30 Sep 26
and
closes on 05 Oct 26.
When will Dove Soft IPO open?
Dove Soft IPO opens on
30 Sep 26 and closes on
05 Oct 26.
What is the GMP of Dove Soft IPO?
The estimated Grey Market Premium of Dove Soft IPO is
₹0 per share (0.00%).
What is the lot size of Dove Soft IPO?
The minimum lot size of Dove Soft IPO is
1200 shares & the minimum application amount
is
Rs.
133200.
When is the allotment of Dove Soft IPO?
The allotment date of Dove Soft IPO is
06 Oct 26.
What is the listing date of Dove Soft IPO?
The listing date of Dove Soft IPO is
08 Oct 26.
What is the subscription of Dove Soft IPO?
Dove Soft IPO is subscribed
-.
What is the price band of Dove Soft IPO?
Dove Soft IPO is priced at
₹104 - ₹111 per
share.
How to check allotment status of Dove Soft IPO?
Click the allotment link on Dove Soft IPO page of IPO360.
How to apply Dove Soft IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Dove Soft IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Dove Soft IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Dove Soft IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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