IPO Analysis
Dove Soft IPO Analysis: GMP, Financials, Valuation & Risks
Dove Soft IPO is an SME issue on BSE SME with a price band of 104 to 111 per share and an unofficial GMP of 0 as of 1 Oct 2026, 12:35 am IST.
· 5 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
Dove Soft IPO is an SME issue on BSE SME. The price band is 104 to 111 per share, and the issue size is Approx 73.26 Crores. The issue is open from September 30, 2026 to October 5, 2026. As of 1 Oct 2026, 12:35 am IST, the unofficial grey market premium is 0.
For a quick overview of the issue, see the Dove Soft IPO analysis page.
IPO snapshot
| Particulars | Details |
|---|---|
| Company | Dove Soft |
| IPO type | SME |
| Exchange | BSE SME |
| Issue type | Book Building Issue |
| Price band | 104 to 111 Per Share |
| Face value | 10 Per Equity Share |
| Issue size | Approx 73.26 Crores |
| Fresh issue | Approx 59.14 Crores |
| Offer for sale | Approx 12,72,000 Equity Shares |
| Registrar | Not available |
Dates table
| Event | Date |
|---|---|
| Issue opens | September 30, 2026 |
| Issue closes | October 5, 2026 |
| Allotment | October 6, 2026 |
| Refunds | October 7, 2026 |
| Credit to demat | October 7, 2026 |
| Listing | October 8, 2026 |
Market lot
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2400 | 2,66,400 |
| Retail Maximum | 2 | 2400 | 2,66,400 |
| S-HNI Minimum | 3 | 3600 | 3,99,600 |
| S-HNI Maximum | 7 | 8400 | 9,32,400 |
| B-HNI Minimum | 8 | 9600 | 10,65,600 |
Business
Dove Soft Limited was incorporated in August 2011. It provides cloud-based communication solutions that help businesses connect with customers through SMS, RCS, Voice, WhatsApp, Email, and other digital platforms.
The company offers SMS solutions, WhatsApp messaging, voice communication, IVR, automated calling, email services, and digital products to enterprises and OTT platforms. Its clients span telecom, IT, travel, entertainment, media, advertising, retail, real estate, healthcare, BFSI, automobile, e-commerce, and food & beverage.
The stated business model is built around customer communication services and related digital products. The analysis notes recurring revenue of ₹15,662.68 lakhs and a diversified offering across communication channels.
Financials
| Period ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 73.77 | 67.30 | 4.82 | 46.51 |
| 2024 | 119.79 | 106.06 | 10.27 | 85.56 |
| 2025 | 188.26 | 166.07 | 16.54 | 108.99 |
| 2026 | 274.74 | 244.51 | 23.40 | 164.40 |
The company has shown steady growth in revenue, expenses, PAT and assets over the reported years. The analysis states that revenue rose from ₹11,972.69 lakhs in FY2024 to ₹27,398.01 lakhs in FY2026, while PAT rose from ₹1,027.18 lakhs to ₹2,340.42 lakhs.
Valuation
| Metric | Value |
|---|---|
| ROE | 29.89% |
| ROCE | 33.81% |
| EBITDA margin | 11.96% |
| PAT margin | 8.54% |
| Debt to equity ratio | 0.10 |
| EPS | 12.01 (Basic) |
| P/E ratio | N/A |
| Return on net worth | 29.79% |
| NAV | 47.43 |
The company’s reported profitability and return ratios look healthy. At the same time, the P/E ratio is listed as N/A, so a direct valuation comparison on that metric is not available here.
GMP
The unofficial grey market premium is 0 as of 1 Oct 2026, 12:35 am IST. The implied listing price is 111, and the implied listing percent is 0.
Recent unofficial grey market premium trend:
| Date | GMP | Estimated listing percent |
|---|---|---|
| 2026-09-24 | 0 | 0 |
| 2026-09-25 | 0 | 0 |
| 2026-09-26 | 0 | 0 |
| 2026-09-27 | 0 | 0 |
| 2026-09-28 | 0 | 0 |
| 2026-09-29 | 0 | 0 |
| 2026-09-30 | 0 | 0 |
| 2026-10-01 | 0 | 0 |
This is an unofficial grey market indication and not an exchange figure.
Strengths
- Expanded revenue from ₹11,972.69 lakhs in FY2024 to ₹27,398.01 lakhs in FY2026.
- Maintained PAT margin above 8% across all three years.
- Improved operating metrics such as customer churn to 19.44% from 29.16% in earlier periods.
- Built recurring revenue base of ₹15,662.68 lakhs.
- Diversified offering across SMS, RCS, Voice, WhatsApp and Email channels.
Risks
- Dependence on IT/ERP systems creates cyber, outage, disaster and data-breach risk.
- Offer for sale proceeds will not flow to the company, limiting immediate funding.
- New products may not gain market acceptance or commercial success.
- Changing laws, taxes, and regulatory requirements may increase compliance burden and costs.
- Significant income-tax and equalisation levy disputes exist for the company, promoters, directors, and group entities.
- Listed-company compliance may strain management resources and increase legal, accounting, and governance costs.
- Equity share price may be volatile due to performance, market conditions, and external events.
Important dates
| Event | Date |
|---|---|
| Issue opens | September 30, 2026 |
| Issue closes | October 5, 2026 |
| Allotment | October 6, 2026 |
| Refunds | October 7, 2026 |
| Credit to demat | October 7, 2026 |
| Listing | October 8, 2026 |
Who may find this IPO relevant
This IPO may be relevant to readers tracking SME issues on BSE SME, businesses with communication-tech exposure, and investors comparing growth, margins, and leverage across IPOs. It may also be relevant to those looking at companies serving SMS, WhatsApp, voice, email, and digital customer engagement services.
For broader IPO tracking, see All IPOs.
FAQs
What is the price band for Dove Soft IPO?
The price band is 104 to 111 per share.
What is the issue size?
The issue size is Approx 73.26 Crores.
What is the unofficial GMP now?
The unofficial grey market premium is 0 as of 1 Oct 2026, 12:35 am IST.
When does the issue list?
The listing date is October 8, 2026.
What does Dove Soft do?
It provides cloud-based communication solutions such as SMS, RCS, Voice, WhatsApp, Email, IVR, automated calling, and other digital products.