Dove Soft IPO

About Dove Soft IPO

Dove Soft IPO, an SME IPO, opens on Wednesday, September 30, 2026 and closes on Monday, October 5, 2026. The allotment of shares will take place on Tuesday, October 6, 2026. The listing of shares will take place on Thursday, October 8, 2026.

Dove Soft IPO's price band is set at ₹104 to ₹111 per share. The lot size for an application is 1,200. The minimum amount of investment required by a retail investor is ₹2,66,400 (2,400 shares) based on the upper price.

The offer comprises a fresh issue of 53,28,000 shares worth ₹59.14 crore and an offer for sale of 12,72,000 shares worth ₹14.12 crore, taking the total offer size to 66,00,000 shares aggregating ₹73.26 crore.

Dove Soft is an integrated cloud communications solutions provider, commonly known as a Communications Platform as a Service (CPaaS) provider, offering services through SMS, RCS, Voice, WhatsApp, Email, and other digital channels. The Company acts as an aggregator between telecom operators and clients, serving enterprises and over-the-top (OTT) platforms.

Objectives of Dove Soft PO

• Funding working capital requirements of the company.
  
• General corporate purposes.
  

Industry Outlook

CPaaS platforms let enterprises embed messaging, voice, email, and identity verification into their own applications through APIs and SDKs. India classifies the industry under NIC 2008 Codes 6201 and 6202. Revenue models typically combine recurring platform access fees with usage-based pricing linked to message volumes, call durations, or communication transactions. Most messaging traffic in India is transactional.

The global CPaaS market, estimated at USD 32.76 billion in 2026, is projected to reach USD 324.91 billion by 2036 at a 25.79% CAGR. India remains a relatively small part of this market. The Indian CPaaS industry is projected to expand from approximately USD 1.17 billion in 2026 to USD 10.32 billion by 2036, a CAGR of 24.28%.

Demand rests on a large telecom base. India had approximately 1.17 billion wireless subscribers as of Q3 FY2025, according to TRAI and DoT data. UPI processed a record 21.70 billion transactions worth ₹28.33 lakh crore in January 2026, lifting demand for OTP and alert messaging. TRAI’s DLT framework governs how these messages are originated and delivered.

About Dove Soft Limited

Dove Soft was incorporated on August 19, 2011 as Dove Soft Private and became a public company in September 2022. It is headquartered in Goregaon West, Mumbai. The company also runs branch offices in Ahmedabad, Gurugram, and Dubai, with 92 employees as of March 31, 2026.

The company operates through two subsidiaries. Dove Soft Technologies Private Limited, which serves Indian clients catering to international customers, contributed 18.24% of consolidated revenue in FY 26. Dove Soft Global FZCO, incorporated in Dubai Silicon Oasis on April 29, 2025, contributed 4.33%.

Strengths of Dove Soft

• An asset-light, cloud-based delivery model earns revenue through both volume-based (pay-as-you-use) and subscription-based billing.
• A multichannel portfolio spanning SMS, RCS, Voice, WhatsApp, Email, and digital marketing serves clients across Telecom, Information Technology, Banking and Finance, Retail, and Healthcare.

Risks of Dove Soft

• North and West India contributed 89.40% of FY 26 revenue from operations, leaving the Company exposed to any economic slowdown or regulatory change in these regions.
• Trade receivables of ₹137.64 crore as of March 31, 2026 tie up working capital and contributed to negative operating cash flow of ₹(17.48) crore in FY 25.
• Clients misusing the platform to send unauthorised messages or calls in breach of TRAI regulations could expose the company to claims and penalties.
• Loss of relationships with channel partners and mobile network operators, on which the Company depends for connectivity, could limit its ability to deliver services and win new clients.

Anchor Investor Bidding Date

Tuesday, September 29, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
Purva Sharegistry (India) Private Limited
Tel. No: 022 4961 4132
Email: newissue@purvashare.com

Book Running Lead Manager
Swastika Investmart Limited

Dove Soft Contact Details
Office No. 1101, DLH Park, Opp. MTNL, Goregaon,
West Mumbai-400062, Maharashtra, India.
Phone: +91 9321938063
Email: secretarial@dove-soft.com

Dove Soft Business Model

The company earns its revenue through cloud communication services delivered over SMS, Voice, WhatsApp, RCS, Email, and digital marketing channels, acting as an aggregator between telecom operators and enterprise clients. SMS remained the core revenue line at ₹242.78 crore, or 88.61% of FY 26 revenue from operations, followed by Voice at 4.79%, WhatsApp at 2.76%, and RCS at 2.19%.

Dove Soft Growth Trajectory

Dove Soft Limited's Total Income for FY26 was ₹274.74 crore, whereas in FY25 and FY24 it was ₹188.26 crore and ₹119.79 crore, respectively.

The Profit After Tax for FY26 was ₹23.40 crore, whereas in FY25 and FY24 it was ₹16.54 crore and ₹10.27 crore, respectively.

Their EBITDA for FY26 was ₹32.78 crore, whereas in FY25 and FY24 it was ₹24.13 crore and ₹14.77 crore, respectively.

Dove Soft Market Position

North and West India contributed 60.07% and 29.33% of FY 26 revenue from operations, respectively. Uttar Pradesh was the largest state at 51.05%, followed by Maharashtra at 20.05% and Gujarat at 9.28%. International revenue rose to 8.84% of FY 26 revenue from 1.42% in FY 25, led by the United Arab Emirates at 8.17%.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹274.74 crore, ₹23.40 crore, and ₹32.78 crore, respectively.

How to apply for Dove Soft IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.