Dove Soft IPO
Dove Soft IPO Details
-
Open Date
30 Sep 2026
-
Close Date
05 Oct 2026
- IPO Price Range
₹ 104 to ₹111
- IPO Size
₹ 73.26 Cr
Dove Soft IPO Timeline
Last Updated: 25 September 2026 12:38 PM by 5paisa
Dove Soft Limited is an integrated cloud communications solutions provider, commonly known as a Communications Platform as a Service (CPaaS) provider. The company offers communication services through SMS, RCS, Voice, WhatsApp, Email and other digital channels. Its solutions are used by enterprises and over-the-top platforms for transactional messaging, WhatsApp communication, voice services, automated calls, email communication and other digital products.
The company acts as an aggregator between telecom operators and clients, facilitating communication delivery across multiple channels. It serves businesses across industries including telecom, information technology, travel and tourism, entertainment, media, advertising and events, retail, real estate, healthcare and cosmetics, BFSI, automobiles, e-commerce and food and beverages.
Established in: 2011
Chairman and Managing Director: Rahul Bhanushali
Peers:
Route Mobile Limited
Tanla Platforms Limited
Rahul Bhanushali has been associated with the company since its incorporation and has 14 years of experience in the industry. The RHP identifies Route Mobile Limited and Tanla Platforms Limited as its listed peer companies.
Dove Soft Objectives
1. Funding working capital requirements of the company
2. General corporate purposes
Dove Soft IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹73.26 Cr |
| Offer For Sale | ₹14.12 Cr |
| Fresh Issue | ₹59.14 Cr |
Dove Soft IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 2,400 | 2,49,600 |
| Individual investors (IND) (Max) | 2 | 2,400 | 2,66,400 |
| HNI (Min) | 3 | 3,600 | 3,74,400 |
| S-HNI (Max) | 7 | 8,400 | 9,32,400 |
| B-HNI (Min) | 8 | 9,600 | 10,65,600 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 119.73 | 187.74 | 273.98 |
| EBITDA | 14.77 | 24.13 | 32.78 |
| PAT | 10.27 | 16.54 | 23.40 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 85.56 | 108.99 | 164.40 |
| Share Capital | 18.06 | 19.06 | 19.06 |
| Total Liabilities | 52.44 | 42.24 | 74.00 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From / (used in) operating activities | 0.35 | -17.48 | 4.30 |
| Net Cash Generated From / (used in) Investing Activities | 0.49 | -3.11 | -3.27 |
| Net Cash Generated From / (used in) financing activities | -0.79 | 21.69 | -0.85 |
| Net Increase / (Decrease) In Cash And Cash Equivalents | 0.05 | 1.10 | 0.18 |
Strengths
1. Dove Soft offers an integrated portfolio across SMS, RCS, Voice, WhatsApp, Email and other digital communication channels.
2. Its cloud-based model allows enterprises to use communication and customer-engagement services through a scalable platform.
3. Revenue, EBITDA and PAT have increased across FY24, FY25 and FY26.
4. Annual recurring revenue increased from ₹77.25 crore in FY24 to ₹156.63 crore in FY26, while customer churn declined over the same period.
Weaknesses
1. SMS continues to account for a large portion of the company's business, contributing 88.61% of revenue from operations in FY26.
2. Telecom customers accounted for 87.05% of FY26 revenue, indicating significant industry concentration.
3. The company's top ten customers contributed 79.94% of FY26 revenue, while its largest customer alone contributed 37.60%.
4. The business has substantial working capital requirements, with ₹46 crore of the IPO proceeds proposed for this purpose.
Threats
1. The company depends on telecom operators, messaging platforms, network providers and cloud infrastructure providers for delivering its services.
2. Its top ten service providers accounted for 92.88% of total purchases in FY26, resulting in considerable service-provider concentration.
3. Cybersecurity threats, phishing, data-protection requirements and changes in telecom regulation can increase compliance and operating risks.
4. Rapid technological change, customer churn and the absence of long-term contracts with several customers can affect revenue continuity.
1. The company operates in the growing cloud communications and CPaaS segment with services spanning SMS, RCS, Voice, WhatsApp and Email.
2. Revenue from operations increased from ₹119.73 crore in FY24 to ₹273.98 crore in FY26, while PAT increased from ₹10.27 crore to ₹23.40 crore.
3. Annual recurring revenue increased from ₹77.25 crore in FY24 to ₹156.63 crore in FY26.
4. Customer churn declined from 29.16% in FY24 to 19.44% in FY26, indicating an improvement in customer retention over the period.
India's Communications Platform as a Service market is supported by growing enterprise digitisation, API-based communication and increasing use of messaging, voice, authentication, notifications and conversational customer-engagement tools.
According to the industry information presented in the RHP, India's CPaaS market is projected to expand from approximately ₹1.17 lakh crore in 2026 to ₹10.32 lakh crore by 2036, representing a CAGR of 24.28%. Demand is expected to be supported by adoption across BFSI, e-commerce, logistics, healthcare, government services and other digital-first enterprises.
For Dove Soft, the opportunity extends across SMS, RCS, Voice, WhatsApp, Email and other communication products. Its multi-channel portfolio creates scope to expand the number of services used by existing clients. However, growth remains dependent on customer retention, telecom and cloud-service availability, regulatory compliance and the company's ability to keep pace with changes in communication technologies.
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FAQs
Dove Soft IPO opens on September 30, 2026 and closes on October 5, 2026.
The Dove Soft IPO has a total issue size of approximately ₹73.26 crore at the upper end of the price band. It comprises a fresh issue of up to 53,28,000 equity shares and an Offer for Sale of up to 12,72,000 equity shares.
The price band of Dove Soft IPO is fixed at ₹104 to ₹111 per share.
To apply for Dove Soft IPO, follow the steps given below:
1. Login to your 5paisa demat account and select the issue in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Dove Soft IPO.
3. Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.
You will receive a mandate notification to block funds in your UPI app.
The IPO lot size is 1,200 shares. An Individual Investor must apply for a minimum of two lots, equivalent to 2,400 shares. At the lower end of the price band, this requires approximately ₹2,49,600, while an application at the upper price of ₹111 requires ₹2,66,400.
The basis of allotment for Dove Soft IPO is tentatively scheduled for October 6, 2026.
Dove Soft IPO is tentatively scheduled to list on the BSE SME platform on October 8, 2026.
Swastika Investmart Limited is the Book Running Lead Manager to the Dove Soft IPO. Purva Sharegistry (India) Private Limited is the registrar to the offer.
1. Funding its working capital requirements
2. General corporate purposes