Dove Soft IPO Date & Timeline
Tentative schedule from the RHP.
Dove Soft IPO Subscription Status
From NSE + BSE bid data, excluding the anchor portion.
Day-wise subscription
| Day | QIB | bHNI | sHNI | NII total | Individual | Total |
|---|---|---|---|---|---|---|
| Shares offered | 64,800 | 20,48,400 | 10,22,400 | 30,70,800 | 31,34,400 | 62,70,000 |
| Day 1 · Sep 30 | 0.00× | 1.93× | 0.00× | 1.29× | 0.44× | 0.85× |
| Day 2 · Oct 1 | 1.00× | 1.93× | 0.01× | 1.29× | 0.55× | 0.92× |
| Day 3 · Oct 5 | 1.00× | 2.99× | 0.21× | 2.07× | 0.81× | 1.43× |
Dove Soft IPO Details
Checked against the RHP and cross-checked on NSE and BSE.
| IPO date | Sep 30 – Oct 5, 2026 |
| Price band | ₹104 – 111 per share |
| Face value | ₹10 per share |
| Lot size | 1,200 shares |
| Total issue size | 66,00,000 shares ₹73.26 Cr |
| Fresh issue | 53,28,000 shares ₹59.14 Cr |
| Offer for sale | 12,72,000 shares ₹14.12 Cr |
| Issue type | Book Built · SME |
| Listing at | BSE SME |
| Market cap | ≈ ₹270.69 Cr |
| Promoter holding | 74.32% → 53.73% |
| Lead manager | Swastika Investmart Ltd. |
| Market maker | Swastika Investmart Ltd. |
| Registrar | Purva Sharegistry (India) Pvt. Ltd. |
Offer documents
Dove Soft IPO Lot Size
Minimum and maximum bids by investor type at the upper band of ₹111.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual (min) | 2 | 2,400 | ₹2,66,400 |
| Individual (max) | 2 | 2,400 | ₹2,66,400 |
| sHNI (min) | 3 | 3,600 | ₹3,99,600 |
| sHNI (max) | 7 | 8,400 | ₹9,32,400 |
| bHNI (min) | 8 | 9,600 | ₹10,65,600 |
Dove Soft IPO Reservation
Shares set aside for each category, and the maximum number of applicants who can get an allotment.
| Category | Shares offered | % of issue | Max. allottees |
|---|---|---|---|
| Market maker | 3,30,000 | 5% | — |
| QIB | 64,800 | 1% | — |
| NII (HNI) | 30,70,800 | 46.5% | — |
| ↳ bHNI (>₹10L) | 20,48,400 | 31% | 569 |
| ↳ sHNI (₹2–10L) | 10,22,400 | 15.5% | 284 |
| Individual investors | 31,34,400 | 47.5% | 1,306 |
| Total | 66,00,000 | 100% |
Dove Soft Financials (FY24 – FY26)
Restated consolidated figures from the RHP, ₹ crore. Years end March 31.
Financial statement
| ₹ Cr | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Revenue | 119.79 | 188.26 | 274.74 | +45.9% |
| EBITDA | 14.77 | 24.13 | 32.78 | +35.8% |
| Profit after tax | 10.27 | 16.54 | 23.40 | +41.5% |
| Total assets | 85.56 | 108.99 | 164.40 | +50.8% |
| Net worth | 29.99 | 58.28 | 70.69 | +21.3% |
| Reserves & surplus | 14.80 | 47.04 | 70.18 | +49.2% |
| Total borrowing | 2.54 | 2.49 | 6.29 | +152.6% |
Dove Soft IPO Valuation & Peer Comparison
At the upper band of ₹111. Peers from the RHP "Basis for Offer Price".
Peer comparison
| Company | P/E | P/B | RoNW | Revenue (₹ Cr) |
|---|---|---|---|---|
| Dove Soft | 11.6× | 3.17× | — | 274.74 |
| Route Mobile Ltd. | 13.2× | — | 9.72% | — |
| Tanla Platforms Ltd. | 13.6× | — | 20.46% | — |
About Dove Soft
Business profile from the RHP.
- 2011Incorporated · Mumbai, Maharashtra
- ₹274.7 CrFY26 revenue
- SMS · WhatsApp · Voice · EmailCloud messaging channels
- 92Employees (Mar 31, 2026)
Promoters & holding
Kurjibhai Rupareliya, Rahul Bhanushali, Sky Occean Infrastructure Ltd.
Objects of the issue
Dove Soft IPO Review: Should You Apply?
Our 100-point score, and both sides of the case.
Our view: Revenue and profit have more than doubled since FY24, debt is low and the post-issue P/E of ~11.6× looks moderate against listed CPaaS peers. Against that, margins are thin in a crowded, price-driven messaging market, receivables are rising, promoters are also selling via OFS and most proceeds go to working capital. The issue closed 1.43× subscribed overall (QIBs 1×).
- Fast growth: revenue went from ₹119.8 Cr (FY24) to ₹274.7 Cr (FY26) and profit from ₹10.3 Cr to ₹23.4 Cr.
- Low debt: borrowings of ₹6.3 Cr against ₹70.7 Cr net worth (D/E ~0.13).
- Good returns on equity (~33%) despite thin margins.
- Post-issue P/E of ~11.6× is moderate next to listed CPaaS peers Route Mobile and Tanla.
- Multi-channel platform (SMS, WhatsApp, RCS, voice, email) serving clients across many sectors, with a 15-year operating history.
- Thin margins (profit ~8.5%, EBITDA ~12%) in a highly competitive, fragmented, price-driven messaging market.
- Rising trade receivables year on year; IPOWatch also questions whether the FY26 profit jump is sustainable.
- ₹14.1 Cr of the issue is an offer for sale by promoters, and promoter holding falls from 74.3% to 53.7%.
- Most of the fresh money (₹46 Cr) goes to working capital, not new capacity or technology.
- Dependence on telecom operators and platforms such as WhatsApp for delivery and pricing.
- SME listing: trading can be thin after listing, and applications need at least 2 lots (₹2.66 lakh).
Dove Soft Listing Performance Updates after Oct 8
We close the loop: issue vs listing price, and how our score compared.
Dove Soft IPO Allotment Status & Contact Details
Allotment was finalised on Oct 6. Check it with your PAN or application number.
Purva Sharegistry (India) Pvt. Ltd.
- Phone
- 022-41343255
- newissue@purvashare.com
- Website
- www.purvashare.com
Dove Soft Ltd.
- Address
- Office No. 1101, DLH Park, Opp. MTN, Goregaon West, Mumbai, Maharashtra 400062
- Phone
- +91 9321938063
- secretarial@dove-soft.com
- Website
- dovesoft.io
Dove Soft IPO FAQs
GMP, price, lot size, dates, allotment and how to apply.
What is Dove Soft IPO?
Dove Soft IPO is a ₹73.26 Cr SME book built issue made up of a fresh issue of ₹59.14 Cr and an offer for sale of ₹14.12 Cr. The shares will list on BSE SME.
What is the price band of Dove Soft IPO?
The price band is ₹104 – ₹111 per equity share of face value ₹10.
What is the lot size of Dove Soft IPO?
The minimum lot is 1,200 shares. Individual investors must apply for exactly 2 lots (2,400 shares).
What is the minimum investment for Dove Soft IPO?
The minimum individual investment is ₹2,66,400 (2,400 shares at ₹111).
When does Dove Soft IPO open and close?
The IPO opens on Sep 30, 2026 and closes on Oct 5, 2026.
What is the allotment date of Dove Soft IPO?
The basis of allotment is finalised on Oct 6, 2026. Refunds and demat credit are expected on Oct 7, 2026.
When will Dove Soft IPO be listed?
The tentative listing date is Oct 8, 2026 on BSE SME.
What is Dove Soft IPO subscription status?
At the end of Day 3 (Oct 5 · 5:00 PM IST), the issue was subscribed 1.43× overall — QIB 1.00×, bHNI 2.99×, sHNI 0.21×, Individual 0.81×.
What is the P/E ratio and valuation of Dove Soft IPO?
At the upper band, the P/E is 9.0× pre-issue and 11.6× post-issue, with a market cap of about ₹270.69 Cr. Listed peers include Route Mobile Ltd. (13.2×) and Tanla Platforms Ltd. (13.6×).
Should I apply for Dove Soft IPO?
IPOSignal scores it 54/100 (Mixed Signal), with data confidence Medium (60%). Revenue and profit have more than doubled since FY24, debt is low and the post-issue P/E of ~11.6× looks moderate against listed CPaaS peers. Against that, margins are thin in a crowded, price-driven messaging market, receivables are rising, promoters are also selling via OFS and most proceeds go to working capital. The issue closed 1.43× subscribed overall (QIBs 1×). The score describes the issue; it is research, not investment advice or a prediction of listing gains.
How to check Dove Soft IPO allotment status?
Check on the registrar Purva Sharegistry (India) Pvt. Ltd.'s site (www.purvashare.com/investor-service/ipo-query), or on the BSE / NSE allotment pages, using your PAN or application number.
Who is the registrar and lead manager of Dove Soft IPO?
The registrar is Purva Sharegistry (India) Pvt. Ltd.. The book-running lead manager is Swastika Investmart Ltd.. The market maker is Swastika Investmart Ltd..