Dove Soft IPO
smelistedAbout the company
Dove Soft is an integrated cloud-communications or CPaaS provider offering SMS, RCS, Voice, WhatsApp, Email and other digital products. The company acts as an aggregator between telecom operators and clients and supplies messaging and engagement tools to enterprises and over-the-top platforms. Dove Soft serves clients in telecom, information technology, travel and tourism, entertainment and media, advertising and events, retail, real estate, healthcare and cosmetics, BFSI, automobile, e-commerce and food and beverages. It has two subsidiaries: Dove Soft Technologies Private Limited, which mainly serves Indian clients that cater to international customers, and Dubai-based Dove Soft Global FZCO. The subsidiaries contributed 18.24% and 4.33%, respectively, to FY26 consolidated revenue. SMS generated 88.61% of FY26 revenue from operations, voice contributed 4.79%, WhatsApp 2.76%, RCS 2.19%, digital marketing 1.64% and Email 0.02%. RCS increased from nil in FY24, while Voice increased from 0.33%; the telecom customer sector remained the largest business segment at 87.05% of FY26 revenue. Domestic revenue accounted for 91.16% in FY26, while international revenue increased to 8.84%. Uttar Pradesh contributed 51.05% of FY26 revenue, followed by Maharashtra at 20.05%, Gujarat at 9.28% and Rajasthan at 6.73%; the United Arab Emirates contributed 8.17%. The business uses an asset-light model with volume-based and subscription-based billing. SMS, Email and Voice Call purchases represented 79.37% of FY26 purchases, while international purchases represented 15.02%.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 29 Sep | ₹0 | ₹111 | 0 |
Strengths
- Integrated cloud communication platform offering SMS, WhatsApp, Voice, Email, RCS and digital communication solutions.
- Diversified customer base across industries such as banking, telecom, retail, healthcare and e-commerce.
- Asset-light and scalable technology-driven business model.
- Strong growth in revenue and profitability in recent financial years.
- Experienced promoters and senior management team.
- Presence in both domestic and international markets.
- Low debt relative to its net worth.
Risks
- Significant dependence on a limited number of customers, with a major customer contributing a substantial share of revenue.
- Dependence on telecom operators and other technology partners for service delivery.
- Intense competition in the cloud communication and CPaaS industry.
- Technology failures, service interruptions or cybersecurity issues could affect operations.
- Exposure to changes in telecom regulations and compliance requirements.
- Revenue is concentrated in North and West India.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed30 Sept 2026Bidding starts for all investor categories
IPO Closes
Completed05 Oct 2026Last day to place your bid
Basis of Allotment
Completed06 Oct 2026Share allotment finalised
Refund Initiation
Completed07 Oct 2026Refunds credited for non-allottees
Credit to Demat
Completed07 Oct 2026Allotted shares credited to demat account
Listing on Exchange
Completed08 Oct 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1200 | ₹133,200 | 1 | ₹133,200 | 1 lot only |
| HNI | 2 | 2400 | ₹266,400 | 2 | ₹266,400 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 3,395,349 | 36.5 | 0 | 0.00x | 100% |
| NII | 15% | 1,018,605 | 10.95 | 1,314,000 | 1.29x | 77.5% |
| Retail | 35% | 2,376,744 | 25.55 | 1,045,767 | 0.44x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
