Dove Soft Ltd.
DOVESME
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Overview
Dove Soft Limited is a Mumbai-headquartered communications platform as a service (CPaaS) provider that enables enterprises and public sector institutions to run and automate customer communications across SMS/OTP, RCS, WhatsApp Business, voice (including AI voice bots and automated calling), email and related digital engagement tools. The company operates a cloud-native, asset-light platform model with API/SMPP-based integration into client workflows, and also offers mobile identity verification via its Secura.ai platform and a local-presence management product (Map My Business) for multi-location brands. It serves customers across multiple industries, with operations supported through offices in India and Dubai and through subsidiaries for India-focused delivery and international reach.
Opening Date
Sep 30, 2026
Closing Date
Oct 05, 2026
Listing Date
Oct 08, 2026
IPO Type
SME
IPO Status
Upcoming
Issue Size
73.26 Cr
Fresh Issue
59.14 Cr
Offer for Sale
14.12 Cr
Price Band
₹104 - ₹111
Lot Size
1200
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
9.04
EPS
12.28
ROE
33.12%
ROCE
42.14%
RONW
33.12%
Debt to Equity Ratio
0.13
PAT Margin
8.81%
EBITDA Margin
12.86%
P/B
3.17
Bull vs Bear
Bull case
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A usage-based, recurring revenue model can scale without heavy factories, so extra demand can lift profits without the same rise in fixed costs.
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Customer churn fell to 19.44%, suggesting improving retention, which matters because long-term compounding needs customers to stay and expand usage over time.
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Growing international revenue share to 8.84% can diversify demand sources, reducing reliance on one geography and smoothing business cycles.
Bear case
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Income tax proceedings with a ₹125.57 Lakhs demand could drain cash and hurt credibility, limiting money available for growth or working capital.
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A group company tax demand of ₹207 Lakhs could spill into brand risk and distract management, which can affect customer trust and business focus.
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Past association of a promoter-group member with a delisted entity can create reputation overhang, which matters because trust is crucial for regulated communications services.
Subscription Rate
Subscription data will be available once the IPO opens.
