Dove Soft IPO
Dove Soft IPO Listing Day Performance
Dove Soft listed on BSE SME on 08 October 2026 at ₹110.30, a 0.63% discount to the issue price of ₹111. A retail investor allotted the minimum application of 2,400 shares (2 lots) lost ₹1,680 at the listing price.
Demand going into listing
| Subscribed overall | 1.43× |
| QIB | 1× |
| NII | 2.07× |
| Retail | 0.81× |
Market Sentiment
IPO Details
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 2 | Day 3 | Final |
|---|---|---|---|---|
| QIB | 0.00x | 1.00x | 1.00x | 1.00x |
| NII | 1.29x | 1.29x | 1.29x | 2.07x |
| bNII > ₹10L | 1.93x | 1.93x | 1.93x | 2.99x |
| sNII 2-10L | 0.00x | 0.01x | 0.01x | 0.21x |
| Retail | 0.44x | 0.55x | 0.55x | 0.81x |
| Total | 0.85x | 0.92x | 0.92x | 1.43x |
Market Lot Size
IPO Reservation
Financial Analysis
Financial Data
Financial Performance
| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | 73.77 | 119.79 | 188.26 | 274.74 |
| Expense | 67.30 | 106.06 | 166.07 | 244.51 |
| Profit (PAT) | 4.82 | 10.27 | 16.54 | 23.40 |
| Total Assets | 46.51 | 85.56 | 108.99 | 164.40 |
Peer Comparison
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Dove Soft This IPO | 12.01 | - | 29.79 | 47.43 | - |
| Route Mobile Ltd | 37.94 | 13.21 | 9.72 | 447.85 | 4,408.21 Cr |
| Tanla Platforms Ltd | 38.36 | 13.58 | 20.46 | 187.61 | 4,417.71 Cr |
Strengths & Risks
- Revenue grew 46% in the latest reported year.
- Solid profit margin — 8.5%.
- Strong return on equity — 30%.
- Low leverage — debt/equity of 0.10.
- Mostly fresh capital — proceeds fund the company's growth, not an exit.
- Lists on the exchange's SME platform, where trading is usually thinner than on the main board — selling at your price can be harder.
From this issue's live data. Not investment advice — read the RHP.
Company Information
Dove Soft at a glance
From the company's description: “Incorporated in August 2011, Dove Soft Limited provides cloud-based communication solutions that help businesses connect with customers through channels such as SMS, RCS, Voice, WhatsApp, Email, and other digital platforms.”
Dove Soft is raising ₹73.26 crore through an IPO on the BSE SME. Of that, ₹59.14 crore is a fresh issue — new shares, with the money going to the company — and ₹14.12 crore is an offer for sale by existing shareholders, who keep those proceeds; 81% of the issue therefore reaches the business. Main stated uses of the fresh money: Funding working capital requirements of the Company (₹46 crore).
Revenue went from ₹73.77 crore in 2023 to ₹275 crore in 2026, up 272% over 3 years. Profit after tax went from ₹4.82 crore to ₹23.4 crore, a net margin of 8.5% in the latest year.
Debt stands at 0.1 times equity.
Written from the issue's offer-document figures shown on this page. Not investment advice.
Company Contact Information
Dove Soft Ltd., Office No. 1101,, DLH Park, Opp. MTN, Goregoan West, Mumbai, Maharashtra, 400062
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| Funding working capital requirements of the Company | 46.00 |
| General Corporate Purpose | - |
Resources & Documents
Dove Soft IPO - Quick Take
Dove Soft has set a price band of Rs 104–Rs 111 per share for an issue size of Rs 73 crore. The stock listed with a 0.63% discount versus its issue price on October 08, 2026.
The issue is promoted by Kurjibhai Rupareliya, Rahul Bhanushali and Sky Occean Infrastructure Ltd with Swastika Investmart Ltd. acting as lead manager. Net proceeds will primarily be used towards funding working capital requirements of the Company (Rs 46 crore) and general Corporate Purpose.
On fundamentals, the company is posting revenue growth of 45.9%, a profit margin of 8.5%, return on equity of 29.9% in its most recent reported period. Listed peers in this segment include Route Mobile Ltd (P/E 13.21x) and Tanla Platforms Ltd (P/E 13.58x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
On our data-signal score, the combined signals for this issue currently read mixed — some indicators read positively and others do not. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Dove Soft IPO: Lead Manager & Registrar Track Record
How the firm running this issue and its registrar have fared on the other IPOs we track. Each firm's figures leave out Dove Soft itself, so they describe what came before it.
- Dove Soft listed at −0.6% on day one; the median of 193 listings was +1.7% (better than 27% of them).
- Subscribed 1.43x against a median of 4.03x across 192 issues (higher than 16%).
- Average listing-day move across all 194 SME listings we track: +11.6%.
| Firm | Other IPOs | Listed at / above issue | Avg move | Median |
|---|---|---|---|---|
| Swastika Investmart Ltd. Lead manager | 1 0 MB · 1 SME | 100% 1 of 1 | +2.7% | +2.7% |
| Purva Sharegistry (India) Pvt. Ltd. Registrar | 8 0 MB · 8 SME | 62% 5 of 8 | Check allotment → | |
Recent listings managed by Swastika Investmart Ltd. (1)
| IPO | Listed | Listing-day move |
|---|---|---|
| Vivekanand Cotspin | 28 Sep 2026 | +2.7% |
A SEBI-registered merchant banker that runs the issue: due diligence, drafting the offer document, setting the price band with the company, and marketing the IPO to investors.
Finalises the basis of allotment, credits shares to demat accounts, releases blocked funds for unsuccessful bids and handles investor queries about the issue.
Listing-day move = exchange opening price vs issue price (band ceiling where the final price isn't recorded). Counts cover IPOs we track only. Past listings don't predict this one; this is not investment advice.
Frequently Asked Questions
Dove Soft IPO GMP — What It Means
No grey market premium was recorded for Dove Soft before it listed.
See the full Dove Soft GMP history and trend, or learn how grey market premium works and how reliable it is.
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