Dove Soft Ltd

DSL Dove Soft Ltd

BSE IPO

Bidding dates30 Sep 2026 - 05 Oct 2026

Price range₹104 - ₹110

Min. investment₹2,66,400

Issue size72.6 Cr

Lot size1200 Shares

IPO DocRHP

IPO Timeline

Start date

30 Sep 2026

End date

05 Oct 2026

Allotment date

06 Oct 2026

Refund initiation

07 Oct 2026

Share credit

07 Oct 2026

Deactivate mandate

08 Oct 2026

About company

Incorporated in August 2011, Dove Soft Limited provides integrated cloud-communication solutions through SMS, RCS, Voice, WhatsApp, Email, and other digital channels. The company provides services to enterprises and OTT platforms, including SMS, WhatsApp, Voice, IVR, automated calls, E-mail, and Digital Products. The company serves clients across industries like Telecom, IT, Travel, Entertainment, Media, Advertising, Retail, Real Estate, Healthcare, BFSI, Automobile, E-commerce, and Food & Beverages, helping manage customer communication and streamline operations.

Services:

Enterprise Messaging Services: Bulk SMS, transactional and promotional SMS, and OTP delivery.

Voice Solutions: Automated IVR, outbound dialer services, and missed call alerts.

Email Marketing Solutions: High-volume enterprise-grade email delivery infrastructure.

WhatsApp Business API: Secure and scalable customer engagement via WhatsApp for notifications, support, and marketing.

The company cloud-based delivery platform enables them to build and manage applications without having to create and maintain the underlying infrastructure for each client. It enables them to provide enterprises with solutions to operate applications without purchasing, configuring or managing the underlying hardware and software.

As of March 31, 2026, the company employed 92 people in various departments.

Founded in 2011

Managing director Rahul Bhupendra Bhanushali

Parent organisation Dove Soft IPO

Invest in Dove Soft Ltd now!

Strengths and Risks

Strengths

Dove Soft has demonstrated rapid top-line and bottom-line expansion, registering a robust revenue CAGR of over 66% since FY22, with consolidated revenue reaching ?273.98 crore and a Profit After Tax (PAT) of ?23.40 crore in FY26.

The company provides a multi-channel enterprise communication suite—including SMS, RCS, Voice, WhatsApp, and Email services—catering to diverse enterprise clients across sectors such as BFSI, IT, and e-commerce.

The fresh issue proceeds (approx. ?46 crore) are primarily earmarked to fulfill working capital requirements, which helps stabilize cash flows and supports scaling operations.

Risks

The company faces notable customer concentration risk, with its top client contributing roughly 37.60% of total revenue in FY26. The loss of or a major business shift by this primary customer could materially impact financial health.

Procurement relies heavily on a limited network or purchase orders without long-term contracts; notably, a single supplier/service provider accounted for around 71.00% of procurement needs in FY26.

Approximately 89.40% of its revenues in FY26 were derived from clients located in Northern and Western India, exposing operations to regional economic or regulatory shifts.