Dove Soft Limited IPO — Subscription & GMP
- Price band
- ₹104 – ₹111
- Lot size
- 1200
- Issue size
- ₹73.26 Cr
- Bidding
- 30 Sept 2026 → 05 Oct 2026
- Allotment
- —
- Listing
- 08 Oct 2026
Listing outcome
Official exchange pricesNo grey market premium was recorded at the close of bidding, so there is nothing to score this listing against.
Schedule
- 30 Sept 2026IPO open date
- 05 Oct 2026IPO close date
- 06 Oct 2026Allotment date†
- 06 Oct 2026Funds unblock or debit†
- 08 Oct 2026Tentative listing date
† Derived from the close date using the T+3 working-day timeline. The exchanges publish the open and close dates; the rest are indicative until confirmed, and exchange holidays are not accounted for.
Fundamentals
The business, its valuation and returnsDove Soft is a cloud communications provider — a CPaaS company, or Communications Platform as a Service. It lets businesses message their customers at scale over SMS, WhatsApp, RCS, voice and email. Incorporated in 2011, it is based in Mumbai.
How it makes money
Dove Soft sits between the telecom operators and the businesses that want to reach customers. It buys messaging and voice capacity from operators, wraps it in its own platform and tools, and sells it to enterprises and over-the-top platforms.
Typical uses are transactional messages — OTPs, alerts, delivery and payment notifications — plus WhatsApp business messaging, automated voice calls and email. Clients span telecom, IT, BFSI, e-commerce, travel, retail, healthcare, real estate and media.
It has two subsidiaries. Dove Soft Technologies contributed 18.2% of consolidated revenue in FY26, and Dove Soft Global FZCO in Dubai, set up in April 2025, contributed 4.3%.
The numbers
- Revenue: ₹274.0 Cr in FY26, up from ₹187.7 Cr (FY25) and ₹119.7 Cr (FY24)
- Profit after tax: ₹23.4 Cr in FY26, against ₹16.5 Cr and ₹10.3 Cr
- EBITDA margin: 12.0% in FY26, in a narrow 12–13% band all three years
- PAT margin: 8.5%, almost unchanged across the period
- Net worth: ₹90.4 Cr; debt-to-equity of 0.17
- EPS: ₹12.01 basic for FY26, about 9.2× earnings at the top of the band
Revenue grew 57% in FY25 and 46% in FY26, and profit kept pace.
Where the money goes
The offer combines a fresh issue with an offer for sale. The fresh money is for working capital and general corporate purposes — there is no capex object, which fits an asset-light platform business.
Worth knowing
- Thin, steady margins are typical of an aggregator. A large part of revenue is telecom capacity passed through to operators, so revenue overstates the economic value the company keeps.
- Pricing is set heavily by operator charges and by regulation of commercial messaging, both outside the company's control.
- CPaaS is a competitive market with several larger listed players, which limits pricing power.
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS | ₹12.01 | — |
| P/E ratio | 9.24× | — |
| NAV per share | ₹47.43 | — |
Promoter holding pre/post issue is in the offer document but we do not yet extract it. Left blank rather than estimated.
Read from the company’s offer document filed with SEBI. Figures are the latest reported financial year, as restated in that filing.
Figures are as reported and not independently audited, and are read 43 d ago.
Grey market premium
Unofficial · not from any exchangeSubscription status
Live from BSE · fetched 802 hr ago| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| 1Qualified Institutional Buyers (QIBs) | 64,800 | 64,800 | 1.00× |
| 1(a)Foreign Institutional Investors (FIIs) | — | 64,800 | — |
| 1(b)Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | — | — |
| 1(c)Mutual Funds | — | — | — |
| 1(D)Others | — | — | — |
| 2Non Institutional Investors | 34.01 L | 63.47 L | 1.87× |
| 2(a)Corporates | — | 31.67 L | — |
| 2(b)Individuals (Other than RIIs) | — | 31.42 L | — |
| 3Retail Individual Investors (RIIs) | 31.34 L | 25.51 L | 0.81× |
| 3(a)Cut Off | — | — | — |
| 3(b)Price Bids | — | 25.51 L | — |
| 4Employee Reserved | — | 0 | — |
| 4(a)Employee (Cut off) | — | — | — |
| 4(b)Employee (Price) | — | — | — |
| 5Reservation PortionShareholder | — | 0 | — |
| 5(a)RPS (Cut off) | — | — | — |
| 5(b)RPS (Price) | — | — | — |
| Total | 66.00 L | 89.63 L | 1.36× |
Source: NSE issue information · BSE public issue
Demand curve
Shares bid at each price point · BSE₹104 → ₹111 · peak 89.63 L shares bid
Allotment status
You will need your PAN, application number or DP/client ID. These links go to the registrar and exchanges directly — UpcomingIPO never asks for those details.
Issue details
- Price band
- ₹104 – ₹111
- Lot size
- 1200 shares
- Min. bid quantity
- 2400
- Face value
- ₹10.00
- Tick size
- ₹1.00
- Shares offered
- 66.00 L
- Issue size
- ₹73.26 Cr
- Max bid · QIB
- 62.70 L
- Max bid · NII
- 62.05 L
Timeline & process
- Bidding opens
- 30 Sept 2026
- Bidding closes
- 05 Oct 2026
- Allotment
- —
- Listing
- 08 Oct 2026
Intermediaries
- Registrar
- PURVA SHAREGISTRY INDIA PRIVATE LIMITED
- Sponsor bank
- AXIS BANK
- Lead managers
- Swastika Investmart Limited