A Mumbai-based cloud communications (CPaaS) provider is raising Rs 73.26 crore through a BSE SME issue.
Dove Soft is an integrated cloud communications provider in India, commonly known as a CPaaS provider. Its services run across SMS, RCS, voice, WhatsApp, email and other digital channels.
The company was incorporated as Dove Soft Private Limited on August 19, 2011, and converted into a public limited company on September 19, 2022.
It serves enterprises and over-the-top (OTT) platforms with transactional SMS, WhatsApp messaging, voice services, automated voice calls, email and other digital products.
The company acts as an aggregator between telecom operators and clients, providing the connectivity and delivery for these communication services. Its key offerings include enterprise messaging and OTP delivery, automated IVR and outbound calling, email marketing and the WhatsApp Business API.
Its clients span telecom, IT, travel and tourism, entertainment, media, advertising and events, retail, real estate, healthcare and cosmetics, BFSI, automobiles, e-commerce and food and beverages.
Its sales team works with existing and prospective clients to understand their marketing goals, designs a tailored communication plan, and handles implementation once the client approves.
DSL has two subsidiaries, Dove Soft Technologies Private Limited and Dove Soft Global FZCO. As of March 31, 2026, it had 92 employees on its payroll.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 30, 2026 |
| Issue Closes | October 5, 2026 |
| Allotment (expected) | October 6, 2026 |
| Listing | BSE SME |
| Listing Date (tentative) | October 8, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 104 – Rs 111 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 73.26 crore (66,00,000 shares) |
| Fresh Issue | 53,28,000 shares (Rs 59.14 crore) |
| Offer for Sale | 12,72,000 shares (Rs 14.12 crore) |
| Lot Size | 1,200 shares |
| Min. Retail Application | 2,400 shares (2 lots) |
| Min. Retail Investment | Rs 2,66,400 |
| Post-IPO Market Cap | Rs 270.69 crore |
| IPO as % of Post-IPO Capital | 27.06% |
| Lead Manager | Swastika Investmart Ltd |
| Market Maker | Swastika Investmart Ltd |
| Registrar | Purva Sharegistry (India) Pvt Ltd |
| Syndicate Member | Swastika Investmart Ltd |
| Underwriting | 15% Swastika Investmart, 85% Giriraj Stock Broking |
From the net proceeds, DSL will use Rs 46.00 crore for working capital and the rest for general corporate purposes.
Post-IPO, paid-up equity capital rises from Rs 19.06 crore (1,90,58,755 shares) to Rs 24.39 crore (2,43,86,755 shares). After its initial issue at par, the company issued shares at Rs 171 to Rs 1,100 per share between March 2021 and December 2024.
Price Band
At the Rs 111 upper band, with FY26 earnings attributed to the fully diluted post-IPO equity, the issue is valued at a P/E of 11.56x, or 16.37x on FY25 earnings. The P/BV is 2.34 on the March 31, 2026 NAV of Rs 47.43. The offer documents don’t include post-IPO NAV data. The post-IPO market cap is Rs 270.69 crore.
Analysts consider the issue aggressively priced on the basis of its recent average earnings.
GMP Watch
As per market channels, the Dove Soft IPO GMP is ₹0. That indicates a listing price of ₹111, flat to the upper band. The issue opens tomorrow, so no subscription data is available yet.
GMP is unofficial, unregulated and unendorsed.
Financial Performance
| Particulars (Rs cr, consolidated) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 119.79 | 188.26 | 274.74 |
| Net Profit (PAT) | 10.27 | 16.54 | 23.40 |
| PAT Margin (%) | 8.58 | 8.81 | 8.54 |
| RoCE (%) | 45.48 | 42.14 | 36.50 |
On a consolidated basis, total income rose from Rs 119.79 crore in FY24 to Rs 188.26 crore in FY25 and Rs 274.74 crore in FY26.
Net profit rose from Rs 10.27 crore to Rs 16.54 crore and then Rs 23.40 crore.
The PAT margin stayed between 8.54% and 8.81% across the three years, while RoCE fell from 45.48% to 36.50%.
Over the last three fiscals, the company reported an average basic EPS of Rs 9.89 and an average RoNW of 38.88%. Trade receivables have risen year on year. The company hasn’t paid any dividends during the reported periods.
Peer Comparison
| Company | P/E (x) |
|---|---|
| Dove Soft (FY26, post-IPO) | 11.56 |
| Route Mobile | 8.07 |
| Tanla Platforms | 12.5 |
Risks to Consider
Thin margins in an aggregator model. The company acts as an aggregator between telecom operators and clients, and its PAT margin has stayed around 8.5% to 8.8%, leaving it exposed to changes in operator pricing and client rates.
Rising receivables. Trade receivables have increased year on year, and Rs 46.00 crore of the Rs 59.14 crore fresh issue is earmarked for working capital.
Competition. The company operates in a highly competitive and fragmented segment, alongside larger listed players such as Route Mobile and Tanla Platforms.
Falling RoCE. RoCE declined from 45.48% in FY24 to 42.14% in FY25 and 36.50% in FY26.
OFS and SME-specific risks. Existing shareholders are selling 12,72,000 shares through the OFS, and post-IPO NAV data is missing from the offer documents. The minimum retail investment is Rs 2.66 lakh, and liquidity on the SME platform is limited.
