Dove Soft IPO
Dove Soft IPO is an SME IPO raising ₹73 Cr at ₹104 – ₹111 a share. It listed on 8 Oct 2026 at ₹110, −0.6% against its issue price of ₹111, and trades at ₹101 today (−9.1% since issue). It was subscribed 1.36× in total.
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Dove Soft Limited is a Communications Platform as a Service (CPaaS) provider based in India that acts as an aggregator between telecom operators and enterprise clients, enabling businesses to communicate with their customers via SMS, Voice, WhatsApp, RCS, Email, and other digital channels. It sells these messaging and engagement solutions to enterprises and over-the-top (OTT) platforms across industries such as Telecom, BFSI, IT, Retail, Healthcare, Travel, and E-commerce. It has two subsidiaries — Dove Soft Technologies (India, since 2021) and Dove Soft Global FZCO (Dubai, since April 2025) — and serves both domestic Indian clients and some international clients.
How it earns
Revenue is earned by charging enterprises and OTT platforms for communication services (mainly transactional SMS, voice, WhatsApp, RCS, email) on an asset-light, pay-as-you-use and subscription basis, with telecom operators as the principal upstream service providers.
Who buys
Customer identities are not disclosed in the prospectus; customers are listed only as 'Customer 1' through 'Customer 10'. Concentration is very high: the top customer alone contributed 37.60% of FY2026 revenue (₹1,030.09 crore, i.e., ₹10,300.90 lakh) and the top 3 contributed ~56.43%. The top 10 customers together contributed 79.94% of FY2026 revenue (₹2,190.26 crore, i.e., ₹21,902.60 lakh), down from 84.62% in FY2024, indicating reducing but still heavy concentration. Geographically, Uttar Pradesh alone accounted for 51.05% of FY2026 revenue (₹139.87 crore) and Maharashtra 20.05%. The customer base spans Telecom, IT, Travel, Entertainment, Media, Retail, Real Estate, Healthcare, BFSI, Automobile, E-commerce and F&B.
Scale
Service company (no plants stated). Two subsidiaries — Dove Soft Technologies Pvt. Ltd. (India, incorporated Sept 2021) and Dove Soft Global FZCO (Dubai Silicon Oasis, UAE, incorporated April 29, 2025). FY2026 consolidated revenue from operations ₹273.98 crore (₹27,398.01 lakh), total income ₹274.74 crore, EBITDA ₹32.78 crore (11.96% margin), PAT ₹23.40 crore (8.54% margin). Operates in India plus international presence in UAE, US, Canada, Singapore, Hong Kong and others. Note: figures are converted from ₹ lakh to ₹ crore (1 crore = 100 lakh); employee count is not stated in the provided text.
What it says sets it apart
- Asset-light CPaaS model with a mix of pay-as-you-use (volume-based) and subscription-based recurring billing; FY2026 Annual Recurring Revenue was ₹156.63 crore (₹15,662.68 lakh).
- Strong revenue growth — consolidated revenue from operations rose from ₹119.73 crore in FY2024 to ₹273.98 crore in FY2026 (₹11,972.69 lakh to ₹27,398.01 lakh), with a stated CAGR of 66.04% from FY2022 (₹35.58 crore / ₹3,558.04 lakh) to FY2026.
- Improving customer retention — Customer Churn Rate fell from 29.16% in FY2024 to 23.47% in FY2025 to 19.44% in FY2026.
- Strategy of focusing only on high-volume / enterprise clients: customer count has come down but per-customer business volume has risen (top-customer share moved from 54.82% in FY2024 to 37.60% in FY2026, showing the base widening).
- Cloud-based, scalable delivery platform supporting SMS, Voice, WhatsApp, RCS and Email with an in-house SMPP/SMTP engine and white-labelled, role-based dashboards (mobiCOMM and RCS dashboards) accessible via HTTP/HTTPS APIs, SMTP and SMPP protocols.
Revenue mix
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2025-26 | ₹274 Cr | ₹23 Cr | 8.5% | ₹90 Cr | ₹9 Cr |
| FY2024-25 | ₹188 Cr | ₹17 Cr | 8.8% | ₹67 Cr | ₹9 Cr |
| FY2023-24 | ₹120 Cr | ₹10 Cr | 8.6% | ₹33 Cr | ₹3 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 1.87× their allocation. Retail: 0.81×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
Next: the UPI mandate expires on 16 Nov 2026.
What to watch
- The register's top risk: Extreme service provider concentration (prospectus page 29).
- Its cohort's record: median −2.7% since issue price, 51.9% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track DOVE SOFT LIMITED
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.