Dove Soft IPO Opens 2026: SME Dates, Price Band & Lot Size

30 Sep 2026 · 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.

Dove Soft Limited has launched its ₹73.26 Cr BSE SME IPO, open for subscription from 30 Sep 2026 to 05 Oct 2026. Explore key financial metrics, issue structure, and proceed deployment plans.

Written by the BuyUnlistedShares desk · Published 30 Sep 2026 · Updated 30 Sep 2026

Information only, not investment advice.

Direct answer: The Dove Soft SME IPO opens for subscription on 30 Sep 2026 and closes on 05 Oct 2026 with a price band of ₹104.00 to ₹111.00 per share. Tracked by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002, the ₹73.26 Cr public issue comprises a fresh issue of ₹55.48 Cr and an offer for sale of ₹14.12 Cr.

Dove Soft IPO Overview and Key Issue Terms

Dove Soft Limited is offering 62,70,000 equity shares of face value ₹10.00 each through a book-built issue on the BSE SME platform. The overall issue size is ₹73.26 Cr, which combines a fresh issue of 53,28,000 equity shares (₹55.48 Cr) and an offer for sale (OFS) of 12,72,000 equity shares (₹14.12 Cr) by existing selling shareholders.

The price band has been fixed at ₹104.00 to ₹111.00 per share. The minimum application lot size is 1,200 shares, though the minimum order quantity for retail and small HNI applicants is set at 2,400 shares (2 lots), requiring a minimum investment of ₹2,66,400 at the upper price band. Promoters Kurjibhai Rupareliya, Rahul Bhanushali, and Sky Occean Infrastructure Ltd. hold 74.32% pre-issue equity, which will reduce to 53.73% post-issue.

For investors reviewing SME capital raises on the IPO calendar, market data and filing history for the offer are available via Dove Soft on BuyUnlistedShares. Swastika Investmart Ltd. is acting as the sole lead manager, while Purva Sharegistry (India) Pvt.Ltd. serves as the registrar.

Business Profile and Cloud-Communication Services

Incorporated in August 2011 as a private limited company and later converted to a public limited enterprise in September 2022, Dove Soft Limited operates as a Communications Platform as a Service (CPaaS) provider. The company offers cloud-based digital messaging and enterprise connectivity solutions across channels including SMS, RCS, Voice, WhatsApp, Email, IVR, automated calls, and custom digital tools.

Dove Soft functions as an aggregator between major mobile network operators (MNOs) and enterprise clients. Its client roster spans diverse sectors such as Telecom, Information Technology, Travel, Entertainment, Advertising, Retail, Real Estate, Healthcare, Banking, Financial Services & Insurance (BFSI), Automobile, E-commerce, and Food & Beverages. The firm operates with an ISO/IEC 27001 certification for information security and employs 67 personnel as of 15 Apr 2025.

The consolidated entity includes two subsidiaries: Dove Soft Technologies Private Limited (incorporated in September 2021) and Dove Soft Global FZCO (incorporated in April 2025 in Dubai). For the fiscal year ended 31 Mar 2026, these subsidiaries contributed 18.24% and 4.33% respectively to consolidated revenues.

Financial Performance and Industry Peer Comparison

Per the Red Herring Prospectus (RHP), Dove Soft has expanded its financial footprint significantly over recent fiscal periods. Total income increased from ₹119.79 Cr in FY24 to ₹188.26 Cr in FY25, reaching ₹274.74 Cr in FY26. Consolidated profit after tax (PAT) rose from ₹10.27 Cr in FY24 to ₹16.54 Cr in FY25 and ₹23.40 Cr in FY26, representing a steady expansion in operational scale.

As illustrated in the chart, total income grew consistently from ₹119.79 Cr in FY24 to a high of ₹274.74 Cr in FY26, while profit after tax expanded from ₹10.27 Cr to ₹23.40 Cr over the same period.

Operational margins as of 31 Mar 2025 reflect an EBITDA margin of 12.86% and a PAT margin of 8.81%. Return metrics demonstrate a Return on Capital Employed (ROCE) of 42.14% and Return on Equity (ROE) of 33.12%. Net worth stood at ₹70.69 Cr as of 31 Mar 2026, backed by reserves and surplus of ₹70.18 Cr and total borrowings of ₹6.29 Cr, resulting in a debt-to-equity ratio of 0.13.

At the upper price band of ₹111.00, Dove Soft trades at a post-issue P/E ratio of 11.56x based on post-issue EPS of ₹9.60, compared to sector peers Route Mobile Ltd. and Tanla Platforms Ltd., which traded at 13.21x and 13.58x respectively as of 31 Mar 2026.

Objects of the Offer and Use of Proceeds

The primary purpose of the fresh issue proceeds (grossing ₹55.48 Cr) is to fund working capital requirements and general corporate needs. Out of the net proceeds, the company has earmarked ₹46.00 Cr specifically for working capital deployment across upcoming financial years.

Dated indicative prices, financials and the IPO calendar for Dove Soft are maintained by the BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.

• Working Capital Requirements: ₹46.00 Cr total deployment, with ₹22.00 Cr planned for FY27 and ₹24.00 Cr for FY28.
• General Corporate Purposes: Balance funds subject to SEBI regulatory limits (capped at 15% of gross proceeds or ₹10.00 Cr, whichever is lower).

The company will not receive any proceeds from the Offer for Sale of ₹14.12 Cr, as these funds accrue directly to the selling shareholders after deducting applicable issue expenses.

Competitive Strengths and Key Risk Factors

An evaluation of the issuer's prospect document highlights several operational attributes alongside notable risk factors stated by management:

• Asset-Light Business Model: Operates a cloud-native CPaaS delivery platform capable of high throughput per second without extensive physical setup per client.
• Diversified Customer Base: Services multiple industries, reducing dependency on any single vertical downturn.
• Tax Proceedings Risk: The Income Tax Department raised a demand of ₹125.57 Lakhs alleging unexplained cash credit under Section 68 for AY 2020-21. The appeal is pending before the CIT (Appeals).
• Group Company Tax Matters: Group entity E-Trav Tech Limited is subject to income tax proceedings for AY 2020-21.
• Telecom Partner Reliance: Services depend heavily on direct and indirect relationships with channel partners and Mobile Network Operators (MNOs) for message delivery routing.
• Client Concentration: A limited number of enterprise clients generate a substantial portion of overall operational revenue.

Investors assessing primary market issues can compare this offer with other recent listings on the market. For instance, read our analysis on Omara Ventures India IPO Opens 2026: SME Dates, Price Band & Lot Size and Pind Hospitality IPO 2026: SME Open Dates, Price Band & Lot Size. Investors exploring unlisted tech and telecom equity profiles can also check our Unlisted shares screener.

IPO Timeline and Application Milestones

The bidding schedule and allotment timeline for the Dove Soft SME IPO follow standard T+3 settlement cycles on BSE SME:

• Issue Opening Date: 30 Sep 2026
• Issue Closing Date: 05 Oct 2026
• Basis of Allotment Finalisation: 06 Oct 2026
• Initiation of Refunds & Demat Credit: 07 Oct 2026
• Listing Date on BSE SME: 08 Oct 2026

For research on pre-IPO companies, SME IPOs, and primary issuances, consult BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002. Submit your requirements directly through our Enquire Now desk to receive structured market data and documentation assistance.

Frequently Asked Questions

When does the Dove Soft IPO open and close?

The Dove Soft IPO opens for subscription on 30 Sep 2026 and closes on 05 Oct 2026. Allotment is expected to be finalized on 06 Oct 2026, with listing scheduled on BSE SME for 08 Oct 2026.

What is the price band and lot size for the Dove Soft IPO?

The price band is ₹104.00 to ₹111.00 per share with a lot size of 1,200 shares. Retail and small HNI investors are required to apply for a minimum of 2,400 shares (2 lots), amounting to ₹2,66,400 at the upper price band.

What are the primary objects of the Dove Soft public offer?

The company plans to utilize ₹46.00 Cr from the net fresh issue proceeds to meet its working capital requirements across FY27 and FY28, with the balance allocated toward general corporate purposes.

Who are the listed peer companies of Dove Soft Limited?

According to the Red Herring Prospectus, the listed peers of Dove Soft Limited in the software and cloud communications space include Route Mobile Ltd. and Tanla Platforms Ltd.

Is the Dove Soft IPO suitable for retail investors?

We do not make suitability determinations or provide investment recommendations. Investors must evaluate the issuer's Red Herring Prospectus, financial growth trends, and risk factors independently or consult a certified financial advisor before applying.

Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.