Overview
Updated 6 days agoDove Soft Limited is an integrated cloud-communications solutions provider offering services like SMS, RCS, Voice, WhatsApp, and Email. The company is launching an IPO of 66,00,000 equity shares, comprising a fresh issue of 53,28,000 shares and an offer for sale of 12,72,000 shares.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,33,200 |
| bNII (min) | 8 | 9,600 | ₹10,65,600 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 6 Nov, 10:00 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE |
| Segment | SME |
| Price band | ₹104–111 |
| Final issue price | ₹111.00 |
| Face value | ₹10 per share |
| Lot size | 1,200 shares |
| Minimum investment | ₹1,33,200 |
| Issue size | ₹73.00 Cr |
| Market cap at upper band | ₹271 Cr |
| P/E at upper band | 9.2x |
| Registrar | PURVA SHAREGISTRY (INDIA) PRIVATE LIMITED |
| Lead managers | Swastika Investmart Limited |
| NSE symbol | DSL |
| ISIN | INE0NXJ01016 |
Shareholder quota and promoter holding
Company & business
Dove Soft Limited is an integrated provider of cloud communications solutions in India, commonly known as a CPaaS (Communications Platform as a Service) provider. The company offers a wide range of services through channels such as SMS, RCS, Voice, WhatsApp, Email, and other digital platforms. It acts as an aggregator between telecom operators and clients, serving various industries including Telecom, IT, BFSI, E-commerce, and others. The company operates on an asset-light, cloud-native model, focusing on platform development, product management, and enterprise integration. It has a presence in Mumbai, Ahmedabad, Gurugram, and Dubai.
Objects of the issue — how the money will be used
- To meet the working capital requirements (₹46 Cr)
- General corporate purposes
Key strengths
- Sustainable business model and consistent financial track record
- Diversified service portfolio reducing dependence on a single industry
- Scalable delivery platform supported by robust infrastructure
- Experienced promoter and senior management team
Key risks
- Dependent on strategic relationships with channel partners and MNOs
- Potential for system failures, defects, or delays in technology infrastructure
- Risk from client misuse of platform for unauthorized messages
- High revenue dependency on a limited number of clients
- Geographic concentration of revenue in North and West India
- Potential conflicts of interest with group companies and promoter group entities
- High attrition rates in the sales department
- Foreign exchange risks due to international business transactions
Promoters
Kurjibhai Rupareliya, Rahul Bhanushali, Sky Occean Infrastructure Limited
Decoded from the RHP with AI on 31-Oct-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 119.73 | -- | 10.27 | 85.56 | 29.99 | 3.34 |
| FY25 | 187.74 | -- | 16.54 | 108.99 | 58.28 | 8.94 |
| FY26 | 273.98 | -- | 23.40 | 164.40 | 70.69 | 9.30 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Dove Soft this issue | 274.0 | 12.01 | 9.2x | 29.79 | 47.43 |
| Route Mobile Limited | 4,408.2 | 37.94 | 13.2 | 9.72 | 447.85 |
| Tanla Platforms Limited | 4,417.7 | 38.36 | 13.6 | 20.46 | 187.61 |
This issue is priced at 9.2x P/E against a peer median of 13.4x: a discount of 31%. A measurement, not a verdict.
Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.