- Price band
- ₹104 – ₹111
- Issue size
- ₹73.26 Cr
- Lot size
- 1200 sh
- Bidding
- 30 Sep – 5 Oct
- Grey market
- —
Face value ₹10.00
81% fresh capital
Lists 8 Oct 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Dove Soft Limited is a Mumbai cloud-communications company; the record describes the model as message volume bought from carriers and resold to enterprises on a thin spread, with SMS 88.61% of FY26 revenue from operations. Revenue from operations was Rs 119.73 Cr in FY24, Rs 187.74 Cr in FY25 and Rs 273.98 Cr in FY26, with profit after tax of Rs 10.27 Cr, Rs 16.54 Cr and Rs 23.40 Cr across the same three years. The Rs 73.26 Cr BSE SME issue — Rs 59.14 Cr fresh and Rs 14.12 Cr offer for sale, on a band of Rs 104 to Rs 111 — was subscribed 1.38 times overall. It listed at Rs 110.30 against the band top of Rs 111 and last traded at Rs 87.45 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Dove Soft, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2011 · Mumbai, Maharashtra · 92 employees
Dove Soft is a Mumbai cloud-communications company. It sells enterprises and government bodies the plumbing their software uses to reach customers: bulk and OTP SMS, Rich Communication Services, WhatsApp Business API, voice calls and AI voice bots, enterprise email, and mobile-identity verification through its Sekura.id platform. Customers call these over APIs wired into their own CRM, e-commerce and banking applications, so a bank's one-time password or a retailer's delivery alert leaves Dove Soft's platform. SMS was 88.61% of FY26 revenue from operations; voice, WhatsApp, RCS, digital marketing and email are the remainder. Incorporated in August 2011 and converted to a public limited company in September 2022, it worked from offices in Mumbai, Ahmedabad, Gurugram and Dubai and had 92 employees at 31 March 2026.
Message volume bought from carriers and resold to enterprises on a thin spread. FY26 revenue from operations was Rs 273.98 Cr against Rs 187.74 Cr in FY25, and SMS alone was 88.61% of it. Purchase of messaging services and direct expenses consumed Rs 223.57 Cr of that FY26 revenue, which is why the disclosed EBITDA margin was 11.96% and profit after tax Rs 23.40 Cr. Two constraints sit on top: one customer was 37.60% of FY26 revenue and the top ten 79.94%, and collection lags badly - consolidated trade receivables were Rs 137.64 Cr at 31 March 2026 on that Rs 273.98 Cr of revenue. Disclosed customer churn was 19.44% in FY26 and annual recurring revenue Rs 156.63 Cr.
The company on paper
- Legal name
- Dove Soft Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 19 Aug 2011
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U74900MH2011PLC221087
- Sector
- Information Technology · Cloud communications platform (CPaaS) for enterprise SMS, WhatsApp, RCS, voice and email messaging
- Employees
- 92
- Registered office
- Mumbai, Maharashtra
- Promoters
- Kurjibhai Rupareliya, Rahul Bhanushali, Sky Occean Infrastructure Limited
- Promoter holding, pre-issue
- 74.3%
- Promoter holding, post-issue
- 52.9%
- Website
- dovesoft.io
The numbers
Financial performance
Revenue has compounded at 51.3% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
81% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹59.14 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹14.12 Cr
- Total issue size
- ₹73.26 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 3,30,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 21.5% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 4. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹111.00
- Listed at
- ₹110.30
- Listing gain
- down 0.6%
- Since listing
- down 14.9%
- Against the issue price
- down 15.4%
Trading at ₹93.90 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 2,400
- At cut-off price
- ₹111.00
- Amount blocked
- ₹2,66,400
One lot is 1200 shares at ₹1,33,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,66,400. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~100%
chance of one lot, per application
- Retail subscription
- 0.81×
- Applicants per share available
- 0.8× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹110.30
listed at, −0.6% against the issue price
- Issue price
- ₹111.00
- Premium said
- —
- If allotted 1200 shares
- −₹840
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue from operations rose from Rs 119.73 Cr in FY24 to Rs 187.74 Cr in FY25, a rise of 56.80%, and to Rs 273.98 Cr in FY26, a further 45.94%.
- Profit after tax rose from Rs 10.27 Cr in FY24 to Rs 16.54 Cr in FY25, up 61.05%, and to Rs 23.40 Cr in FY26, up 41.48%; EBITDA moved the same way, Rs 14.77 Cr to Rs 24.13 Cr to Rs 32.78 Cr.
- Borrowings were small against own funds in each of the three years on record: Rs 3.34 Cr against net worth of Rs 33.12 Cr in FY24 (0.10 times), Rs 8.94 Cr against Rs 66.74 Cr in FY25 (0.13 times) and Rs 9.30 Cr against Rs 90.40 Cr in FY26 (0.10 times).
What to weigh against it
- Customer concentration is disclosed at one customer taking 37.60% of FY26 revenue and the top ten taking 79.94%, against FY26 revenue from operations of Rs 273.98 Cr.
- Consolidated trade receivables were Rs 137.64 Cr at 31 March 2026 against that Rs 273.98 Cr of FY26 revenue from operations — 50.24% of a full year's revenue, or about 183 days of it. The record carries no operating cash flow figure for any of the three years.
- The record describes the spread as thin: purchase of messaging services and direct expenses took Rs 223.57 Cr of the Rs 273.98 Cr FY26 revenue, 81.60% of it. EBITDA margin was 12.34% in FY24 (Rs 14.77 Cr on Rs 119.73 Cr), 12.85% in FY25 (Rs 24.13 Cr on Rs 187.74 Cr) and 11.96% in FY26 (Rs 32.78 Cr on Rs 273.98 Cr), the FY26 figure being the lowest of the three.
- On the final day of bidding, 5 October 2026, the issue was subscribed 1.38 times overall, with QIB at 1.00 times, NII at 1.96 times and retail at 0.81 times. It listed at Rs 110.30 against the band top of Rs 111, closed the first day at Rs 104.80 and last traded at Rs 87.45 on 23 October 2026, 21.22% below the band top.
Easy to miss in the prospectus
- Disclosed customer churn of 19.44% and annual recurring revenue of Rs 156.63 Cr — 57.17% of the Rs 273.98 Cr of FY26 revenue from operations — are given for FY26 only; the record holds no comparable figures for FY24 or FY25.
- The record carries no valuation block, no post-issue share count and no allocation split, so earnings per share and the multiple the issue was priced at cannot be worked out from it.
- Subscription is on record for the final day alone (5 October 2026); no day-wise build-up is carried, and the subscription basis field is empty.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Swastika Investmart Limited
- RegistrarAllotment status is checked on the registrar's own site
- Purva Sharegistry (India) Private Limited
How these figures were checked
Reconciled to Dove Soft's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
The prospectus is the authoritative document. Check anything that matters against it before you act.
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