Dove Soft Shares List Flat at ₹111 on BSE SME, Trade at ₹110.30

Dove Soft shares made their stock market debut on October 8, 2026, listing at ₹111 per share on BSE SME compared with the IPO issue price of ₹111 per share. The stock listed flat, with no premium or discount to the issue price.

Following the listing, the stock traded at ₹110.30 as of 9:37 AM IST, placing it 0.63% below the ₹111 issue price. The displayed trading volume stood at 27,32,400 shares.

The listing followed the company's IPO, which was open from September 30 to October 5, 2026. The ₹73.26 crore issue comprised a fresh issue of ₹59.14 crore and an offer for sale of ₹14.12 crore, with a price band of ₹104 to ₹111 per share.

Dove Soft provides cloud-based communication solutions for businesses through SMS, WhatsApp, Rich Communication Services (RCS), voice calls, email and other digital channels. The company operates in the Communications Platform as a Service (CPaaS) segment, helping enterprises manage customer communications across multiple channels.

Dove Soft IPO Listing Details

The IPO was a ₹73.26 crore book-built issue comprising a fresh issue of 53.28 lakh equity shares aggregating to ₹59.14 crore and an offer for sale of 12.72 lakh equity shares aggregating to ₹14.12 crore.

The issue received an overall subscription of 1.38 times. NIIs subscribed 1.96 times, with applications above ₹10 lakh subscribed 2.83 times and applications below ₹10 lakh subscribed 0.21 times. Individual Investors subscribed 0.81 times, while the QIB category recorded 1.01 times subscription, based on the supplied listing report. 

- Issue Price: ₹111 per share
- BSE SME Listing Price: ₹111 per share
- Listing Premium/Discount: Nil (0.00%)
- Trading Price: ₹110.30 per share (9:37 AM IST)
- Change From Issue Price: −0.63%
- Change From Listing Price: −0.63%
- Trading Volume: 27,32,400 shares
- Overall Subscription: 1.38 times
- Fresh Issue: ₹59.14 crore
- Offer for Sale: ₹14.12 crore
- Price Band: ₹104 to ₹111 per share
- IPO Open Date: September 30, 2026
- IPO Close Date: October 5, 2026
- Listing Date: October 8, 2026
- Exchange: BSE SME

First-Day Trading Performance

Listing Price: Dove Soft share price listed at ₹111 on BSE SME, matching the ₹111 IPO issue price and resulting in a flat listing.

Post-listing Price: The stock subsequently traded at ₹110.30 as of 9:37 AM IST, 0.63% below both the issue price and listing price. The decline amounted to ₹0.70 per share, with a displayed trading volume of 27,32,400 shares.

Subscription Context: The IPO received 1.38 times overall subscription, with NIIs subscribing 1.96 times, followed by QIBs at 1.01 times and Individual Investors at 0.81 times. Within the NII segment, applications above ₹10 lakh recorded 2.83 times subscription, compared with 0.21 times for applications below ₹10 lakh.

Growth Drivers and Challenges

Growth Drivers

Cloud Communication Platform: Dove Soft provides CPaaS solutions that allow enterprises to communicate with customers through SMS, WhatsApp, RCS, voice and email using a digital communication platform.

Multiple Communication Channels: The company's portfolio includes messaging, voice and digital communication services, enabling businesses to use different channels for customer engagement, notifications and marketing communications.

Enterprise Customer Base: Dove Soft serves businesses across sectors, including telecommunications, supporting customer communication requirements through its technology platform.

Financial Performance: FY26 revenue from operations increased to ₹274.00 crore from ₹187.70 crore in FY25, while net profit increased to ₹23.40 crore from ₹16.50 crore. 

Challenges

Revenue Concentration: SMS services accounted for 88.61% of FY26 revenue from operations, making the company's revenue significantly dependent on this communication channel.

Sector Concentration: The telecommunications customer segment contributed 87.05% of FY26 revenue, exposing the company to changes in demand and spending patterns within this sector.

Regulatory Requirements: The company's communication services operate within a regulatory environment involving telecommunications rules, messaging requirements, customer consent and data protection obligations.

Technology and Competition: Changes in enterprise communication technology, messaging platforms and competitive pricing may affect the company's operating performance.

Working Capital Requirements: The business requires funding for its communication service operations, and changes in customer receivables or payment cycles may affect working capital needs. 

Utilisation of IPO Proceeds

The ₹73.26 crore IPO comprised a fresh issue of ₹59.14 crore and an offer for sale of ₹14.12 crore.

The fresh issue proceeds are intended for:
- ₹46.00 crore towards funding the company's working capital requirements.
- General corporate purposes, subject to the allocation specified in the offer documents.

The offer for sale component of ₹14.12 crore represents the sale of shares by existing shareholders and does not generate proceeds for the company. 

Business and IPO Overview

Dove Soft is a cloud communication solutions provider offering enterprise communication services through SMS, RCS, WhatsApp, voice calls, email and digital marketing channels. Its CPaaS platform enables businesses to manage customer engagement, notifications and communication campaigns.

The company operates through a volume-based and subscription-based business model. SMS services accounted for 88.61% of FY26 revenue from operations, followed by voice services at 4.79%, WhatsApp at 2.76%, RCS at 2.19%, digital marketing at 1.64% and email at 0.02%.

Dove Soft reported FY26 revenue from operations of ₹274.00 crore and net profit of ₹23.40 crore, compared with ₹187.70 crore and ₹16.50 crore, respectively, in FY25.

The company's ₹73.26 crore IPO comprised a fresh issue of ₹59.14 crore and an OFS of ₹14.12 crore. The issue received 1.38 times overall subscription.

Shares listed flat at ₹111 on BSE SME against the ₹111 issue price and subsequently traded at ₹110.30 as of 9:37 AM IST, representing a decline of 0.63% from the issue and listing price.