Dove Soft IPO: GMP, Subscription Status, Review and Allotment Odds
Mumbai-based cloud communication company that sends bulk SMS, OTPs, WhatsApp, RCS, voice and email messages for businesses across sectors.
Growing fast, almost debt-free and priced at a low multiple. But messaging is a thin-margin, crowded business, promoters are selling and the GMP is flat.
Our own view, not investment advice.
Subscription by category
Times subscribed, snapshot at 5:08 PM on 1 Oct 2026
Key numbers
FY26, restated consolidated
| Revenue | ₹274.74 cr |
| Net profit | ₹23.40 cr |
| EBITDA margin | 11.9% |
| ROE | 33.1% |
| Debt to equity | 0.13 |
| P/E post-issue | 11.6x |
IPO timeline
2 Oct was a market holiday. Monday 5 Oct is the last bidding day.
Dove Soft is one of the companies behind the OTPs, delivery alerts and promotional messages that land on your phone every day. It sends SMS, WhatsApp, RCS, voice and email messages on behalf of businesses. Revenue has more than doubled in two years to ₹275 crore, and the company is raising ₹73.26 crore on the BSE SME platform.
At about 11.6 times post-issue earnings the valuation is low, and the balance sheet is almost debt-free. The hesitation comes from the business model. Messaging aggregators pass most of their revenue on to telecom operators, margins are thin, and competition is fierce. The market seems to agree: GMP is flat and retail had not filled its quota by day 2.
Dove Soft IPO at a glance
| Detail | Dove Soft IPO |
|---|---|
| Issue size | ₹73.26 crore (₹59 crore fresh incl. market maker portion + ₹14.12 crore OFS) |
| Price band | ₹104 to ₹111 per share (face value ₹10) |
| Lot size | 1,200 shares |
| Individual investor minimum | 2 lots, 2,400 shares (₹2,66,400) |
| sHNI minimum | 3 lots, 3,600 shares (₹3,99,600) |
| bHNI minimum | 8 lots, 9,600 shares (₹10,65,600) |
| Quota | Retail 49.99%, NII 46.53%, QIB 1.03%, market maker 5% |
| Anchor round | None |
| Bidding dates | 30 Sep to 5 Oct 2026 |
| Allotment | 6 Oct 2026 |
| Refund and demat credit | 7 Oct 2026 |
| Listing | 8 Oct 2026 on BSE SME |
| Market cap at upper band | About ₹270.69 crore |
| Promoter holding | 74.32% before, 53.73% after |
| Lead manager | Swastika Investmart |
| Registrar | Purva Sharegistry (India) |
| Market maker | Swastika Investmart |
The minimum application for individuals is two lots, or ₹2,66,400 at the upper band. Monday 5 October is the last day to bid.
What Dove Soft actually does
Dove Soft Ltd was incorporated in August 2011 and is headquartered in Goregaon, Mumbai. Its promoters are Kurjibhai Rupareliya, Rahul Bhanushali and Sky Occean Infrastructure Ltd. The company is in what the industry calls CPaaS, or communication platform as a service.
In simple terms, a bank, airline or online store plugs into Dove Soft’s platform and uses it to send messages to customers: one-time passwords, transaction alerts, booking confirmations and marketing campaigns. The company offers bulk SMS, OTP delivery, voice and IVR, email marketing, RCS and the WhatsApp Business API. Its clients span telecom, IT, travel, retail, real estate, healthcare, banking and financial services, auto, e-commerce and food.
The company had 92 employees as of 31 March 2026. Like other aggregators it buys messaging capacity from telecom operators and Meta, adds its software layer, and resells it. That is why revenue is large relative to profit.
The numbers behind the business
Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total income | 119.79 | 188.26 | 274.74 |
| EBITDA | 14.77 | 24.13 | 32.78 |
| Net profit | 10.27 | 16.54 | 23.4 |
| Net worth | 29.99 | 58.28 | 70.69 |
| Borrowings | 2.54 | 2.49 | 6.29 |
| Total assets | 85.56 | 108.99 | 164.4 |
What these numbers tell us, in plain language:
- Revenue is growing quickly. Total income rose from ₹119.8 crore in FY24 to ₹188.3 crore in FY25 and ₹274.7 crore in FY26. Profit grew from ₹10.3 crore to ₹23.4 crore.
- Margins are thin, as expected for the model. EBITDA margin was about 11.9% and net margin about 8.5% in FY26. Telecom and WhatsApp fees are a pass-through cost, so a small change in those charges can move margins a lot.
- The balance sheet is clean. Borrowings were just ₹6.3 crore in FY26 and debt to equity was 0.13. The IPO money goes mainly into working capital (₹46 crore), because enterprise clients take time to pay while operators must be paid upfront.
- Valuation is low. Post-issue P/E is about 11.6x and ROE was 33.1%. Listed peers in CPaaS have usually traded at higher multiples, though the sector has seen sharp swings.
How the subscription is playing out, day by day
| Category | Day 2 (1 Oct, 5:08 PM) |
|---|---|
| QIB | 1.00x |
| NII | 1.19x |
| Retail | 0.55x |
| Total | 0.86x |
By 5:08 PM on 1 October the issue was covered 0.86 times overall. The small QIB portion was exactly full at 1.00x, NIIs were at 1.19x, and retail was at 0.55x. There is no anchor book.
With only one bidding day left after the holiday, the retail portion needs a strong finish. We will update the table with the final numbers on 5 October.
The GMP story so far
The grey market premium was flat at ₹0 as of 4 October, pointing to a listing near the issue price of ₹111. That fits with the lukewarm subscription so far.
How to check Dove Soft IPO allotment status
- Go to the Purva Sharegistry IPO allotment page, or the BSE allotment status page.
- Select Dove Soft from the list of issues.
- Enter your PAN, application number or DP/Client ID.
- Submit to see how many shares you were allotted.
Allotment is expected on 6 October 2026, with refunds and demat credit on 7 October. Shares are due to list on BSE SME on 8 October.
The listing outlook
With GMP at zero and subscription below 1x on day 2, the grey market is pointing to a flat listing around ₹111. A strong retail finish on 5 October could change that, but we would not plan around a listing gain.
What to weigh before you apply
A crowded, price-driven market
India’s business messaging market has large listed players and many small aggregators competing on price. Telecom operators control termination charges, and WhatsApp sets its own conversation fees. A small company like Dove Soft has limited pricing power on either side.
Promoters are selling
Two promoter entities, Rahul Bhanushali and Sky Occean Infrastructure, are selling ₹14.12 crore of shares through the OFS. Promoter holding falls from 74.32% to 53.73%.
Strengths and risks
Strengths
- Revenue up from ₹120 crore to ₹275 crore in two years
- Profit up from ₹10.3 crore to ₹23.4 crore
- Almost debt-free, debt to equity 0.13
- Low post-issue P/E of about 11.6x and ROE of 33.1%
- Diversified client base across many industries
- 15 years of operating history
Risks
- Thin margins: net margin about 8.5% in FY26
- Highly competitive CPaaS market with large listed rivals
- Exposure to telecom and WhatsApp pricing changes and regulations
- Promoters are selling ₹14.12 crore through the OFS
- GMP flat at ₹0; retail at 0.55x on day 2
- SME stock: lower liquidity and a ₹2.66 lakh minimum ticket
Scouter verdict: A growing, cash-light messaging business at a low price, but in a crowded market with thin and fragile margins. The flat GMP and promoter selling keep us neutral. Suitable only for investors who understand the CPaaS business and are happy to hold through a likely flat listing. This is our own view, not investment advice.
Your chances of getting an allotment
- The retail quota works out to about 2,612 lots. Under SEBI’s SME rules every individual investor applies for the minimum of two lots (2,400 shares, ₹2,66,400), so roughly 1,306 retail applications can be filled in full.
- Once the retail book is oversubscribed, allotment is decided by a random draw. Every successful applicant gets the minimum application size; nobody gets a partial one.
- Applying for more than the minimum does not improve your retail odds. Separate applications from different PANs in your family do.
What to watch from here
- The retail subscription on 5 October
- Whether the GMP moves off zero
- Allotment status on 6 October through Purva Sharegistry
- Listing on 8 October relative to ₹111
- After listing: gross margin trends and receivable days
Dove Soft IPO: frequently asked questions
The price band is ₹104 to ₹111 per share with a lot size of 1,200 shares. Individual investors must apply for at least 2 lots (2,400 shares), which costs ₹2,66,400 at the upper band.
By 5:08 PM on 1 October 2026 the issue was subscribed 0.86 times overall, with QIB at 1.00x, NII at 1.19x and retail at 0.55x. The issue closes on 5 October 2026.
The grey market premium was ₹0 on 4 October 2026, pointing to a listing near the issue price. GMP is unofficial and can change quickly.
Dove Soft is a cloud communication company. It sends bulk SMS, OTPs, WhatsApp Business messages, RCS, voice calls and emails on behalf of businesses.
Shares are due to list on BSE SME on 8 October 2026, after allotment on 6 October.
About ₹46 crore of the fresh issue will fund working capital, with the rest for general corporate purposes. The ₹14.12 crore OFS goes to the selling promoters.
Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.
On this page
Key valuation
| P/E (pre-issue) | 9.04x |
| P/E (post-issue) | 11.56x |
| P/B | 3.17x |
| ROE | 33.1% |
| ROCE | 42.1% |
| Debt to equity | 0.13 |
| Anchor money | Nil |
IPO alerts
Get GMP moves, subscription updates and allotment links the moment they change.
Telegram channel launching soon
