Dove Soft IPO: GMP, Price Band, Financials & Review of the ₹73 Cr SME Issue

Dove Soft Ltd., a Mumbai-based cloud-communication services company, is bringing a ₹73.26 crore SME IPO. The book-built issue combines a fresh issue of 53.28 lakh shares (₹59.14 crore) with an offer for sale (OFS) of 12.72 lakh shares (₹14.12 crore). It opens on 30 September 2026 and closes on 5 October 2026, with a price band of ₹104 to ₹111 per share. The shares are proposed to list on the BSE SME platform.

Dove Soft IPO Details

Individual investors must apply for a minimum of 2 lots (2,400 shares), which works out to ₹2,66,400 at the upper price band. For small HNIs, the minimum is 3 lots (₹3,99,600), and big HNI applications start at 8 lots (₹10,65,600). Of the net offer, about 49.99% is reserved for retail/individual investors, 48.98% for NIIs and 1.03% for QIBs. If you are new to applying, see how to apply for an IPO in India.

About Dove Soft

Incorporated in August 2011, Dove Soft provides integrated cloud-communication solutions through SMS, RCS, Voice, WhatsApp, Email and other digital channels to enterprises and OTT platforms. Its main service lines are:

• Enterprise messaging: bulk, transactional and promotional SMS and OTP delivery
• Voice solutions: automated IVR, outbound dialer services and missed-call alerts
• Email marketing: high-volume, enterprise-grade email delivery
• WhatsApp Business API: notifications, support and marketing via WhatsApp

The company runs a cloud-based delivery platform that lets clients operate communication applications without buying or managing the underlying hardware and software. It serves clients across telecom, IT, travel, media, retail, real estate, healthcare, BFSI, automobile, e-commerce and food and beverages. As of 31 March 2026, it had 92 employees.

Financial Performance

Figures in ₹ crore (restated consolidated):

• Total income grew about 57% in FY25 and about 46% in FY26, while PAT rose about 61% and 41% in the same years.
• Net profit margin (PAT to total income) has stayed in a narrow band of roughly 8.5% to 8.8% over the three years, so profits have grown largely in line with the top line.
• Borrowings rose to ₹6.29 crore in FY26 from ₹2.49 crore, but remain small compared with a net worth of ₹70.69 crore.

Key Ratios & Valuation

At the upper band, the issue is priced at a post-issue P/E of about 11.56x. For context, recently listed IPOs in the software products space were priced at P/Es of 14.38x (Sotefin Bharat), 11.88x (Mobilise App Lab) and 298.93x (Capillary Technologies, a much larger mainboard company). These are not exact business peers, so the comparison is only a rough reference. Read more on IPO valuation ratios.

Objects of the Issue

The company will not receive the OFS proceeds, which go to the selling promoters. From the fresh issue, the net proceeds are proposed to be used for:

1. Funding working capital requirements: ₹46.00 crore
2. General corporate purposes

Shareholding & Promoters

The promoters are Kurjibhai Rupareliya, Rahul Bhanushali and Sky Occean Infrastructure Ltd. Promoter and promoter group holding will fall from 74.32% before the issue to 53.73% after it. In the OFS, Rahul Bhanushali and Sky Occean Infrastructure Ltd. are each selling 6,36,000 shares (about ₹7.06 crore each). Total shares will rise from 1,90,58,755 to 2,43,86,755 after the issue.

Dove Soft IPO GMP Today

No active grey-market premium had been reported for Dove Soft as of 29 September 2026 (GMP ₹0). GMP is an unofficial, unregulated grey-market indicator that changes daily and is not a reliable predictor of listing gains. Track the live GMP and read what GMP is before relying on it.

Strengths

• Consistent growth in total income and profit over FY24 to FY26, as per the RHP
• Diversified service portfolio across SMS, voice, email and WhatsApp, reducing dependence on a single product or industry
• Scalable cloud-based delivery platform
• Healthy return ratios (ROE 33.12%, ROCE 42.14%) and low debt (Debt/Equity 0.13)
• Experienced promoters and senior management team

Risks to Consider

• Thin margins: a PAT margin of about 8.5% leaves limited room if costs rise or pricing comes under pressure.
• OFS component: about 19% of the issue is an OFS, so that part of the money goes to promoters, not the company.
• Dilution and promoter stake: promoter holding drops to 53.73%, and the post-issue EPS falls to ₹9.60 from ₹12.28.
• Working-capital heavy use of funds: most of the fresh money (₹46 crore) goes to working capital rather than capacity or technology creation.
• Rising borrowings: debt remains low but more than doubled in FY26.
• SME liquidity risk: SME shares trade in lots and can see low volumes and wide spreads after listing, even with a market maker. Read about SME IPO liquidity risks.

How to Check Allotment Status

Allotment is expected to be finalised on 6 October 2026. Purva Sharegistry (India) Pvt. Ltd. is the registrar, and you can check your status on the registrar's site or through our allotment status page. To understand how shares are distributed in an oversubscribed issue, see how IPO allotment works.

Disclaimer: This article is for educational purposes only and is not investment advice. GMP is unofficial and can change quickly. Read the RHP and consult a SEBI-registered adviser before investing.