Dove Soft
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.00×
- Big non-institutionalbNII · above ₹10 lakh
- 2.75×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.15×
- Retail individualRII · up to ₹2 lakh
- 0.74×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 11 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Oct 2026 | ₹0 | — | ₹0 | ₹111 | ₹0 |
| 07 Oct 2026 | ₹0 | — | ₹0 | ₹111 | ₹0 |
| 06 Oct 2026 | ₹0 | — | ₹0 | ₹111 | ₹0 |
| 05 Oct 2026 | ₹0 | — | ₹0 | ₹111 | ₹0 |
| 04 Oct 2026 | ₹0 | — | ₹0 | ₹111 | ₹0 |
| 03 Oct 2026 | ₹0 | — | ₹0 | ₹111 | ₹0 |
| 02 Oct 2026 | ₹0 | — | ₹0 | ₹111 | ₹0 |
| 01 Oct 2026 | ₹0 | — | ₹0 | ₹111 | ₹0 |
| 30 Sep 2026 | ₹0 | — | ₹0 | ₹111 | ₹0 |
| 29 Sep 2026 | ₹0 | — | ₹0 | ₹111 | ₹0 |
| 28 Sep 2026 | ₹0 | — | ₹0 | ₹111 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 64,800 | 64,800 | ₹0.72 Cr | 1.00× |
| Non-institutional | 30,70,800 | 60,16,800 | ₹66.79 Cr | 1.96× |
| Big non-institutionalwithin NII | 20,48,400 | 58,00,800 | ₹64.39 Cr | 2.83× |
| Small non-institutionalwithin NII | 10,22,400 | 2,16,000 | ₹2.40 Cr | 0.21× |
| Retail individual | 31,34,400 | 25,51,200 | ₹28.32 Cr | 0.81× |
| Total | 62,70,000 | 86,32,800 | ₹95.82 Cr | 1.38× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 05 Oct, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 30 Sep 2026 – 05 Oct 2026
- Listing date
- 08 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹104 – ₹111
- Lot size
- 1,200 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹73.26 Cr
- Fresh issue
- ₹55.48 Cr 49,98,000 shares
- Offer for sale
- ₹14.12 Cr 12,72,000 shares
- Market cap at offer price
- ₹271 Cr
- Promoter holding
- 74.32% → 52.86% pre-issue → post-issue
- ISIN
- INE0NXJ01016
- CIN
- U74900MH2011PLC221087
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- Swastika Investmart Ltd.
- Registered office
- Office No. 1101, DLH Park, Opp. MTNL, Goregaon West Mumbai-400062, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 64,800 | 1.03% | 0.98% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 30,70,800 | 48.98% | 46.53% |
| bNII > ₹10L · within NII | 20,48,400 | — | 31.04% |
| sNII < ₹10L · within NII | 10,22,400 | — | 15.49% |
| Retail (RII) | 31,34,400 | 49.99% | 47.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 3,30,000 | — | 5.00% |
| Total issue | 66,00,000 | — | 100.00% |
Net offer to the public of 62,70,000 shares, out of a total issue of 66,00,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹111
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,33,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,66,400 |
| S-HNI (max) | 7 | 8,400 | ₹9,32,400 |
| B-HNI (min) | 8 | 9,600 | ₹10,65,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹111 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.28 | 9.60 |
| P/E (×) | 9.04 | 11.56 |
| Price to book (×) | 3.17 | — |
| Market cap | — | ₹271 Cr |
Key performance indicators
Latest reported period, consolidated
- ROCE
- 37.00%
- Debt / equity
- 0.13
- PAT margin
- 8.81%
- EBITDA margin
- 12.86%
- NAV per share
- ₹35.02
- Price to book
- 3.17
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 274.74 | 188.26 | 119.79 |
| Revenue from operations | 273.98 | 187.74 | 119.73 |
| Other income | 0.76 | 0.52 | 0.06 |
| Total expenses | 244.51 | 166.07 | 106.06 |
| Operating profit | 30.23 | 22.19 | 13.73 |
| Operating margin | 11.00% | 11.79% | 11.46% |
| Profit before tax | 30.23 | 22.19 | 13.73 |
| Profit after tax | 23.4 | 16.54 | 10.27 |
| PAT margin | 8.52% | 8.79% | 8.57% |
| Balance sheet | |||
| Total assets | 164.4 | 108.99 | 85.56 |
| Current assets | 144.33 | 90.56 | 69.16 |
| Current liabilities | 71.38 | 35.21 | 51.46 |
| Total liabilities | 74 | 42.24 | 52.44 |
| Net worth | 90.4 | 66.74 | 33.12 |
| Current ratio | 2.02× | 2.57× | 1.34× |
| Return on equity | 25.88% | 24.78% | 31.01% |
| Cash flow | |||
| Operating cash flow | 4.3 | -17.48 | 0.35 |
| Investing cash flow | -3.27 | -3.11 | 0.49 |
| Financing cash flow | -0.85 | 21.69 | -0.79 |
| Net cash flow | 0.18 | 1.1 | 0.05 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 To Meet the Working Capital Requirements ₹46 Cr
The company intends to utilize a portion of the IPO proceeds to fund its working capital needs, enabling it to manage day-to-day operational expenses, enhance product offerings, and strengthen relationships with telecom operators and vendors by negotiating better pricing and credit terms.
2 General Corporate Purposes —
The company proposes to deploy the balance proceeds towards general corporate purposes, including business development initiatives, salaries, rent, administration costs, insurance premiums, repairs and maintenance, payment of taxes and duties, subject to not exceeding 15% of gross proceeds or a specified cap per SEBI ICDR Regulations.
3 Offer Related Expenses —
The company intends to utilize a portion of the proceeds to cover offer-related expenses including listing fees, underwriting commission, BRLM fees, legal counsel fees, registrar fees, printing, advertising, and all other incidental expenses for listing the Equity Shares on the Stock Exchanges.
2 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Dove Soft
Dove Soft Limited, incorporated on August 19, 2011 as a private limited company and converted to public limited on September 19, 2022, operates as an integrated cloud communications solutions provider. The company delivers CPaaS (Communications Platform as a Service) solutions enabling enterprises to send and receive SMS, voice calls, WhatsApp messages, and emails through its technology platform. Revenue is generated on a pay-per-use model where clients pay based on message volume or voice pulses processed. The company primarily serves enterprise clients in Banking, Financial Services & Insurance (BFSI), Retail, E-commerce, Healthcare, and other sectors, with 60.07% of FY2026 revenue from North Zone and 29.33% from Western Zone. Key relationships include partnerships with mobile network operators and channel partners for connectivity and service delivery.
Management
Rahul Bhanushali
MD
Strengths
As stated in the offer document
Sustainable Business Model and Consistent Financial Track Record
The company operates an asset-light, recurring-revenue model with total income growing from ₹3,558.04 Lakhs in FY2022 to ₹27,398.01 Lakhs in FY2026 (CAGR of 66.04%), maintaining an EBITDA margin of ~11.96% in FY2026, reflecting operational efficiency and cost discipline.
Diversified Service Portfolio Reducing Dependence on a Single Industry or Product
The company serves multiple industries including Telecom, IT, Entertainment, Travel, Real Estate, and Advertising, offering services across SMS, RCS, Voice, WhatsApp, and Email, reducing exposure to sector-specific declines and regional economic downturns.
Scalable Delivery Platform Supported by Robust Infrastructure
The company's cloud-based delivery platform enables enterprises to operate applications without managing underlying hardware or software, with all applications deployed on cloud servers and operations running at a defined throughput per second (TPS) capacity.
Experienced Promoter and Senior Management Team
The company's promoter, Rahul Bhanushali, brings over a decade of telecom sector experience, supported by a senior management team with deep expertise in sales, marketing, and business operations, enabling adaptation to industry trends and market opportunities.
Risk factors
As stated in the offer document
Dependency on Strategic Relationships with Channel Partners and MNOs
The company's ability to provide services is highly dependent on relationships with channel partners and Mobile Network Operators (MNOs) for connectivity. Consolidation within the telecommunications industry or inability to maintain these relationships could significantly impact reputation, profitability, and overall business operations.
High Client Concentration Risk
The company is dependent on a limited number of clients for a substantial portion of revenues, with the top 1 client contributing 37.60%, 30.61%, and 54.82% of revenue from operations for FY2026, FY2025, and FY2024, respectively. Loss of any major client or reduction in order volumes could materially and adversely affect revenues and profitability.
Geographic Revenue Concentration in North and West India
The company derives approximately 89.40% of its revenue from clients in Northern and Western India (FY2026). Any economic deterioration, regulatory changes, or reduced technology spending in these regions could adversely affect business, financial condition, and results of operations.
Technology Systems Failures and Infrastructure Risks
The company's service delivery relies on technology systems and infrastructure vulnerable to power loss, telecom failures, natural disasters, cyber threats, and software defects. Any disruption could result in service suspension, loss of clients, revenue decline, and substantial costs to remediate failures.
High Dependency on Limited Service Providers
The company's top 1 service provider accounts for 71.00%, 59.69%, and 50.40% of revenue from operations for FY2026, FY2025, and FY2024, respectively, and procurement is based on purchase orders without long-term agreements. Any disruption, cost escalation, or failure by these providers could adversely impact service continuity, operating margins, and financial performance.
Company Analysis
from RHPDove Soft Limited is a cloud communications platform provider offering SMS, voice, WhatsApp, and email services to enterprise clients across India and internationally.
Dove Soft Limited, incorporated on August 19, 2011 as a private limited company and converted to public limited on September 19, 2022, operates as an integrated cloud communications solutions provider. The company delivers CPaaS (Communications Platform as a Service) solutions enabling enterprises to send and receive SMS, voice calls, WhatsApp messages, and emails through its technology platform. Revenue is generated on a pay-per-use model where clients pay based on message volume or voice pulses processed. The company primarily serves enterprise clients in Banking, Financial Services & Insurance (BFSI), Retail, E-commerce, Healthcare, and other sectors, with 60.07% of FY2026 revenue from North Zone and 29.33% from Western Zone. Key relationships include partnerships with mobile network operators and channel partners for connectivity and service delivery.
Objects of the Issue
- Working Capital Requirement p.42
- Funding working capital requirements of the company ₹4,600.00 lakhs p.93
- General Corporate Purposes [●] lakhs (not to exceed 15% of Gross Proceeds or ₹1,000 lakhs, whichever is less) p.93
Issue Structure
- Total Issue
- Upto 66,00,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Upto 53,28,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Upto 12,72,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Price Band
- ₹ [●]/- per Equity Share (Floor Price) to ₹ [●]/- per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10/- each
Business Model
The company operates on a dynamic, pay-per-use pricing model where enterprise clients pay charges based on the volume of messages sent, voice calls made, or other communications processed through its cloud platform. Revenue is derived from SMS services, digital marketing services, WhatsApp services, voice services, and email services. The company procures messaging services, cloud infrastructure, and network connectivity from service providers and resells these integrated through its platform to enterprise customers.
Business Segments
SWOT Analysis
- • No past dividend defaults; demonstrated financial discipline(p.45)
- • Robust cybersecurity and disaster recovery infrastructure in place(p.47)
- • Strong revenue growth trajectory over three years(p.57)
- • Expanding product portfolio with new communication solutions(p.97)
- • Sustainable business model with consistent financial track record(p.104)
- • Diversified service portfolio reducing dependence on single industry or product(p.104)
- • Scalable delivery platform supported by robust infrastructure(p.104)
- • Experienced Promoter and senior management team(p.104)
- • Strong return on equity and capital employed metrics(p.106)
- • Low debt-to-equity ratio indicating conservative financial leverage(p.106)
- • Improving customer retention with declining churn rate(p.107)
- • Company subject to significant income tax proceedings with potential demand of ₹125.57 Lakhs(p.25)
- • Heavy dependence on limited number of clients for substantial revenue(p.28)
- • Geographic revenue concentration in North and West zones(p.28)
- • High dependency on limited service providers for core operations(p.29)
- • Negative operating cash flow in FY 2024-25(p.31)
- • Conflict of interest with subsidiary and group companies in similar business(p.28)
- • Past delays and inaccuracies in RoC filings and non-compliances(p.32)
- • Promoter provided personal guarantee for company loans(p.39)
- • Promoter concentration with majority control post-IPO(p.45)
- • Potential promoter conflicts of interest in business decisions(p.45)
- • High trade receivables relative to industry peers(p.99)
- • Significant dependence on a few upstream vendors for communication services(p.57)
- • No prior public market experience; unproven ability to operate as listed entity(p.49)
- • High customer concentration with top customer representing 37.60% of revenue(p.153)
- • Declining ROCE from 42.14% in FY2025 to 36.50% in FY2026(p.106)
- • Declining ROE from 33.12% in FY2025 to 29.79% in FY2026(p.106)
- • Declining EBITDA margin from 12.86% in FY2025 to 11.96% in FY2026(p.106)
- • Top 10 customers represent 79.94% of total revenue, indicating high concentration risk(p.153)
- • Dependence on few customers concentrated in revenue base(p.259)
- • High dependence on few service providers for business operations(p.259)
- • Significant reliance on related party group companies in similar business(p.214)
- • Promoters have given personal guarantees on company borrowings(p.208)
- • Substantial tax litigation with multiple reassessment orders and significant pending demands(p.270)
- • Multiple tax demands and penalties against group companies and key management, including major demand of ₹34 Crores against E Trav Tech Limited(p.272)
- • Group company facing GST compliance violations with demand for ₹29 Lakhs in short-paid tax and ₹29 Lakhs penalty(p.272)
- • Significant material creditor concentration with ₹4,674.53 Lakhs owed to only 2 other creditors (79.4% of total payables)(p.274)
- • Expansion into high-growth enterprise segments (Telecom, BFSI, e-commerce)(p.97)
- • Geographic expansion to underpenetrated southern and eastern regions(p.97)
- • Cross-selling integrated omni-channel communication solutions to existing clients(p.97)
- • Collaboration with channel partners and telecom operators for service expansion(p.97)
- • Benefits from SME listing platform and enhanced market visibility(p.94)
- • Expansion of Annual Recurring Revenue growing from ₹7,723.58 lakhs in FY2024 to ₹15,662.68 lakhs in FY2026(p.107)
- • Strong projected Indian CPaaS market growth at 24.28% CAGR from 2026E to 2036P(p.131)
- • Growing digital transformation and API adoption across Indian enterprises(p.133)
- • Expansion into Tier II/III cities through SME digitisation initiatives(p.133)
- • Rising adoption of AI-driven omnichannel customer engagement solutions(p.133)
- • Dependence on relationships with MNOs and channel partners for connectivity(p.26)
- • Technology system failures and infrastructure disruptions could disrupt service delivery(p.27)
- • Risk of client misuse of platform violating TRAI regulations(p.27)
- • Highly competitive evolving market requiring continuous innovation(p.32)
- • Foreign exchange exposure from international operations(p.33)
- • Insurance coverage inadequate relative to net assets(p.34)
- • Supply chain dependency on limited service providers without long-term contracts(p.30)
- • Customer payment delays affecting working capital and cash flows(p.37)
- • Indian economic conditions and macroeconomic volatility impact demand(p.46)
- • New laws and regulations in telecommunications and fintech sectors(p.48)
- • Equity shares price volatility and potential trading halt due to circuit breakers(p.47)
- • Dependence on Indian economic liberalization policies and political stability(p.48)
- • Competitive pressures in cloud communications and omni-channel messaging market(p.46)
- • Foreign exchange and interest rate fluctuations impact operating costs(p.47)
- • Natural disasters, terrorism, and geopolitical instability in India(p.50)
- • Regulatory and compliance complexity in telecommunications and data protection(p.134)
- • Platform reliability and SLA adherence challenges under high-volume traffic(p.134)
- • Data privacy and cybersecurity risks from handling sensitive customer data(p.134)
- • Integration complexity with enterprise systems affecting adoption speed(p.135)
- • Risk of TRAI UCC blacklisting for non-compliance with messaging rules(p.147)
- • Regulatory and data privacy challenges affecting operations(p.252)
- • Competitive pressure from established and new market entrants(p.252)
- • Dependence on mobile network operators and telecom carriers(p.252)
- • Risk of network reliability issues and service downtime(p.252)
- • Cybersecurity threats and fraudulent activities risk(p.252)
- • Customer churn and lack of long-term contracts(p.252)
- • Geopolitical risks and cross-border restrictions(p.252)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kurjibhai Rupareliya | Promoter | — | — |
| Rahul Bhanushali | Promoter / Promoter Selling Shareholder | — | — |
| Sky Occean Infrastructure Limited | Promoter Selling Shareholder | — | — |
| Rahul Bhanushali | Promoter | 37.42% | [●]% |
| Kurjibhai Rupareliya | Promoter | 24.63% | [●]% |
| Sky Occean Infrastructure Limited | Promoter | 11.16% | [●]% |
| Lalitaben Ruparelia | Promoter Group | 1.11% | [●]% |
| Rahul Bhanushali | Promoter | 37.42% | — |
| Sky Occean Infrastructure Limited | Promoter Group | — | — |
| Kurjibhai Rupareliya | Promoter | — | — |
| Rahul Bhanushali | Promoter/Managing Director | 37.42% | — |
| Kurjibhai Rupareliya | Promoter | 24.63% | — |
| Sky Occean Infrastructure Limited | Corporate Promoter | 11.16% | — |
| Rahul Bhanushali | Promoter | — | — |
| Sky Occean Infrastructure Limited | Promoter | — | — |
| Rahul Bhanushali | Promoter Selling Shareholder | — | — |
| Sky Occean Infrastructure Limited | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Dove Soft Ltd. THIS ISSUE | 12.01 | 47.43 | 11.56, computed at the offer price | 3.17, computed at the offer price | 29.79% |
| 37.94 | 447.85 | 13.21 | — | 9.72% | |
| 38.36 | 187.61 | 13.58 | — | 20.46% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.