IPO Overview
Incorporated in August 2011, Dove Soft Limited is a Mumbai-headquartered Communications Platform as a Service (CPaaS) provider that enables enterprises and public sector institutions to run and automate customer communications across multiple digital channels. The company offers an integrated cloud communication suite covering SMS/OTP, RCS, WhatsApp Business API, Voice (including AI voice bots and automated calling), Email, and other digital engagement tools. Its cloud-native, asset-light platform integrates with client workflows via API and SMPP-based connections. Beyond core messaging, the company also operates Secura.ai — a mobile identity verification platform — and Map My Business, a local-presence management product for multi-location brands. Dove Soft serves enterprises across sectors including BFSI, IT, e-commerce, healthcare, retail, media, and the public sector.
The company is now launching its SME IPO on the BSE SME platform to raise ₹73.26 crore through a combination of a fresh issue of 53.28 lakh shares (₹59.14 crore) and an offer for sale of 12.72 lakh shares (₹14.12 crore). The price band is fixed at ₹104 to ₹111 per share, with a lot size of 1,200 shares. The IPO opens on 30 September 2026 and closes on 5 October 2026, with listing expected on 8 October 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 30 September 2026 |
| IPO Close Date | 5 October 2026 |
| Allotment Date | 6 October 2026 (Expected) |
| Refund Initiation | 7 October 2026 |
| Credit to Demat | 7 October 2026 |
| Listing Date | 8 October 2026 (Tentative) |
| Price Band | ₹104 – ₹111 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,66,400 (2 lots = 2,400 shares) |
| Minimum Investment (HNI) | ₹3,99,600 (3 lots = 3,600 shares) |
| Issue Size | ₹73.26 crore (66,00,000 shares total) |
| Fresh Issue | 53,28,000 shares (₹59.14 crore) |
| Offer For Sale (OFS) | 12,72,000 shares (₹14.12 crore) |
Note: The IPO is a combination of fresh issue and OFS. Fresh issue proceeds go to the company; OFS proceeds go to the selling shareholders.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Firm Allotment | 3,30,000 shares (excluded from net public offer) |
Net offer to the public: 62,70,000 shares after excluding 3,30,000 shares allotted on a firm basis.
OFS / Selling Shareholders
The OFS component of 12,72,000 shares (₹14.12 crore) is being offered by the promoter and selling shareholders. OFS proceeds will go entirely to the selling shareholders and not to the company.
Objects of the Issue (Fund Utilization)
The company proposes to utilise the net proceeds from the fresh issue entirely for working capital requirements, with the balance going towards general corporate purposes.
- Working capital requirements — ₹46 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Swastika Investmart Ltd.
- Registrar to the Issue: Purva Sharegistry (India) Pvt. Ltd.
- Market Maker: Swastika Investmart Ltd.
Promoters & Management
The company is promoted by:
- Mr. Kurjibhai Rupareliya
- Mr. Rahul Bhanushali
- Sky Occean Infrastructure Limited (promoter entity)
The promoters bring entrepreneurial and technology domain expertise in the cloud communications and enterprise messaging space.
Company Details
Dove Soft Limited is an integrated cloud communications solutions provider operating in the CPaaS segment. The company manages enterprise communication networks across cloud software channels, helping businesses deliver transactional, promotional, and customer-engagement messages at scale through a single unified interface. Its platform supports AI-powered automation, intelligent channel selection, real-time analytics, and workflow-driven communication.
Sectors Served:
- BFSI (Banking, Financial Services & Insurance)
- Information Technology
- E-commerce & Retail
- Healthcare
- Media & Entertainment
- Public Sector & Enterprises
Key Products & Solutions:
- SMS / OTP Messaging
- RCS (Rich Communication Services)
- WhatsApp Business API
- Voice Services (AI Voice Bots, IVR, Automated Calling)
- Email Communication
- Secura.ai — Mobile Identity Verification Platform
- Map My Business — Local Presence Management for Multi-location Brands
Key Capabilities:
- Cloud-native, asset-light platform model with API/SMPP-based integration into client workflows
- All applications deployed on cloud servers, supporting scalable and efficient service delivery
- Single interface for managing multiple communication channels with AI automation
- Ability to serve both enterprises and OTT platforms at scale
Headquarters:
- Mumbai, Maharashtra
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY24 | ₹119.79 | ₹10.27 | ₹14.77 |
| FY25 | ₹188.26 | ₹16.54 | ₹24.13 |
| FY26 | ₹274.74 | ₹23.40 | ₹32.78 |
Key Financial Metrics
- Revenue grew 46% YoY in FY26 (₹188.26 crore → ₹274.74 crore); PAT grew 42% YoY (₹16.54 crore → ₹23.40 crore)
- Revenue CAGR of ~66% over four years — exceptionally high for an SME company
- PAT margin: ~8.58% in FY26
- Net Worth: ₹70.69 crore (FY26)
- Total Assets: ₹164.40 crore (FY26)
- Reserves & Surplus: ₹70.18 crore (FY26)
Company Strengths
- Exceptional revenue growth — 66% CAGR over four years, reflecting strong and rising enterprise demand for CPaaS solutions
- Diversified multi-channel communication suite (SMS, RCS, WhatsApp, Voice, Email) serving multiple industries through a unified platform
- Cloud-native, asset-light business model with scalable infrastructure and low capital intensity
- Additional revenue streams through Secura.ai (identity verification) and Map My Business (local presence management), reducing dependence on core messaging
- Strong and consistent improvement in absolute profitability across FY24, FY25, and FY26
- Growing enterprise client base across high-value sectors including BFSI, IT, and e-commerce
Key Risks & Challenges
- High customer concentration: Top service provider accounts for 71% of revenue from operations in FY26, with procurement based on purchase orders and no long-term supply agreements in place — creating supply continuity risk
- Third-party infrastructure dependence: The company relies on third-party messaging infrastructure providers for the capacity, reliability, and security of its cloud communication platform
- Thin PAT margins: Despite strong revenue, PAT margin stands at ~8.58% — relatively modest in the technology services space
- OFS component: ₹14.12 crore of the issue represents promoter/selling shareholder exit, which does not benefit the company directly
- Competitive CPaaS market: The cloud communication space is highly competitive with large domestic and global players such as Tanla Platforms, Route Mobile, and global giants like Twilio
- SME liquidity risk: Shares will list on BSE SME, which carries inherently lower liquidity and trading volumes compared to the main board
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
