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Dove Soft Ltd IPO
Dove Soft Ltd
₹2,49,600 /2400 sharesMinimum investment
IPO listing details
Listed on
8 Oct '26
Issue price
₹111.00
Listing price
₹110.30
Listing gains
-₹0.70 (0.63%)
Exchange
--
IPO details
Minimum investment
₹2,49,600
Price range
₹104 - ₹111
Lot size
1,200
Issue size
73.26 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers1.00x
Non-Institutional Investor1.87x
Retail Individual Investor0.81x
Total1.36x
As of 05 Oct'26, 04:55 PM
Schedule
30 Sep 2026
IPO open date
5 Oct 2026
IPO close date
6 Oct 2026
Allotment date
6 Oct 2026
Funds unblock or debit
8 Oct 2026
Tentative listing date
About
Founded in
2011
MD/CEO
Mr Rahul Bhupendra Bhanushali
Parent organisation
Dove Soft Ltd
Dove Soft Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to operate an asset-light business model, with revenues generated through both volume-based, pay-as-you-use arrangements and subscription-based billing. It has also shifted its focus towards customers with higher business volumes, resulting in increased business volumes despite a decline in the number of customers.
Dove Soft has a diversified service portfolio covering SMS, RCS, voice, WhatsApp, email, and other digital communication channels. It serves businesses across sectors, including telecom, IT, entertainment and media, travel and tourism, real estate, and advertising and events, reducing its dependence on a single service or industry.
The company claims to have a scalable, cloud-based delivery platform, with all its applications deployed on cloud servers. This allows it to provide applications to enterprise customers without requiring separate underlying hardware and software infrastructure for each client.
Dove Soft has established an international presence through its subsidiary, Dove Soft Global FZCO, in Dubai.
The company's technology capabilities are supported by an in-house team and include data analytics and scalable technology platforms used to deliver its integrated communication products. As of March 31, 2026, Dove Soft had 92 employees, including employees across IT, operations, sales, management, and other functions.
The company has seen a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 119.73 crore in FY24 to Rs 187.74 crore in FY25 to Rs 273.98 crore in FY26, while PAT increased from Rs 10.27 crore in FY24 to Rs 16.54 crore in FY25 to Rs 23.40 crore in FY26, respectively.
The company’s top 10 customers contributed Rs 219.03 crore (79.94%), Rs 159.73 crore (85.08%), and Rs 101.31 crore (84.62%) to revenue from operations in FY26, FY25, and FY24, respectively. Failure to retain these key customers, expand the customer base, or a loss of business from these clients can adversely affect the company’s business and financial standing.
The company is dependent on clients located primarily in the north and west zones of India. The north zone contributed Rs 164.59 crore (60.07%), Rs 121.34 crore (64.63%), and Rs 85.02 crore (71.02%) to revenue from operations in FY26, FY25, and FY24, respectively, while the West Zone contributed Rs 80.36 crore (29.33%), Rs 60.71 crore (32.34%), and Rs 31.93 crore (26.67%), respectively. Any adverse economic, regulatory, or other developments in these regions can negatively impact the company’s business and financial condition.
The company, its subsidiaries, promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
The company relies on a limited number of service providers for messaging services, cloud infrastructure and network connectivity. Its top 10 service providers accounted for 92.88%, 90.91% and 91.61% of its service provider expenses in FY26, FY25, and FY24, respectively, and these services are procured through purchase orders without long-term agreements or firm commitments. Any disruption in services or inability to secure alternative providers at competitive rates can adversely affect the company’s operations and margins.
The company is involved in an income tax proceeding in which the Income Tax Department has treated Rs 1.00 crore as unexplained cash credit and Rs 0.02 crore as unexplained expenditure and raised a demand of Rs 1.25 crore in March 2024. The company has appealed against the order, and the matter is pending adjudication. Any adverse outcome may result in additional tax, interest, or penalty liabilities.
The company recorded negative cash flow from operating activities amounting to Rs 17.48 crore in FY25. This was mainly due to an increase in trade receivables arising from business expansion and extended credit terms, a reduction in short-term provisions, higher working capital requirements, and increased tax outflows. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
The company is dependent on its strategic relationships with channel partners and mobile network operators (MNOs) for connectivity and delivery of its services. It operates with MNOs through invoice-based arrangements, and consolidation in the telecom industry or an inability to maintain adequate volumes could affect these relationships. Any failure to maintain or establish such relationships can adversely affect the company’s ability to serve existing clients and attract new ones.
As of March 31, 2026, the company had outstanding financial indebtedness of Rs 15.80 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
The company reported employee attrition rates of 31.65%, 62.30%, and 62.71% in FY26, FY25, and FY24, respectively, with the most significant attrition occurring in the sales department. Any inability to attract and retain skilled professionals may affect its ability to acquire new clients, execute projects, and support future business growth.
Application details
For Dove Soft IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹104 - ₹111 | ₹2 - ₹5 Lakhs | 1200 |
About
Objectives of Dove Soft IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Funding working capital requirements of the company |
46.00 |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of Dove Soft IPO
|
Book Running Lead Manager |
Swastika Investmart Limited |
|
Registrar to the Issue |
Purva Sharegistry (India) Private Limited |
|
Market Maker to the Issue |
Swastika Investmart Limited |
Key Performance Indicators (KPIs) of Dove Soft Ltd.
|
KPI |
Value (for the year ended March 31, 2026) |
|
ROE (%) |
29.79 |
|
ROCE (%) |
36.50 |
|
EBITDA Margin (%) |
11.96 |
|
PAT Margin (%) |
8.54 |
|
Debt-to-equity Ratio (times) |
0.10 |
|
Price to Book Value |
3.17 |
|
Net Asset Value (NAV) per Equity Share (₹) |
35.02 |
|
EPS (Pre IPO) (₹) |
12.28 |
Dove Soft IPO Contact Details
|
Company Name |
Dove Soft Limited |
|
Registered Office |
Office No. 1101, DLH Park, Opp. MTNL, Goregaon West Mumbai-400062, Maharashtra, India |
|
Phone |
+91 93219 38063 |
|
|
|
|
Website |
Dove Soft IPO Registrar Contact Details
|
Company Name |
Purva Sharegistry (India) Private Limited |
|
Phone |
+91 22 4961 4132 |
|
|
newissue@purvashare |
|
Website |