BSE List Price : ₹110.30

Subscription

Category	Times
QIBs	1x
HNIs	2.07x
Retail	0.81x
Total : 1.43x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	2	2,400	₹266,400
Retail Maximum	2	2,400	₹266,400
S - HNI Minimum	3	3,600	₹399,600
S - HNI Maximum	7	8,400	₹932,400
B - HNI Minimum	8	9,600	₹1,065,600

About the Company

Dove Soft Limited is a Mumbai-based cloud communications and CPaaS company providing communication solutions to enterprises and OTT platforms through SMS, WhatsApp, Voice, IVR, OBD, Email and other digital products. The company was incorporated in 2011 and operates through subsidiaries in India and Dubai.

Business Model: The company acts as an aggregator between telecom operators/service providers and enterprise customers, procuring communication capacity and delivering messaging and communication services through its technology platform.

Products & Services

• SMS & Transactional SMS
• WhatsApp Messaging
• Voice & Automated Voice Calls
• Interactive Voice Response (IVR)
• Outbound Dialer (OBD)
• Email Communication
• RCS & Digital Communication Solutions
• Cloud Communication Services

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
2023	₹73.77	₹67.30	₹4.82	₹46.51
2024	₹119.79	₹106.06	₹10.27	₹85.56
2025	₹188.26	₹166.07	₹16.54	₹108.99
2026	₹274.74	₹244.51	₹23.40	₹164.40

Company Promoter

Kurjibhai Rupareliya

Rahul Bhanushali

Sky Occean Infrastructure Ltd.

Know before investing

• • Strengths

  Integrated Cloud Communication Platform: The company provides multiple communication channels including SMS, WhatsApp, Voice, Email, RCS and IVR, allowing customers to manage different communication requirements through one provider.

  Diversified Customer Industries: The company serves customers across Telecom, IT, Travel & Tourism, Entertainment, Media, Retail, Real Estate, Healthcare, BFSI, Automobile, E-commerce and Food & Beverage sectors.

  International Presence: The company operates through Dove Soft Global FZCO in Dubai, while its Indian subsidiary also serves international customers. The Dubai subsidiary contributed 4.33% of FY26 revenue, while Dove Soft Technologies contributed 18.24%.

  Strong Revenue Growth: Revenue increased from 119.73 crore in FY24 to 273.98 crore in FY26, representing approximately 51.3% CAGR over the period.

  Improved Profitability: PAT increased from 10.27 crore in FY24 to 23.40 crore in FY26, representing approximately 50.9% CAGR.

  Experienced Management: The company is led by promoters and senior management with experience in the cloud communications, technology and business operations sectors.

• • Risks

  Customer Concentration: The largest customer contributed 37.60% of FY26 revenue, while the top 10 customers contributed 79.94%, creating significant dependence on a limited customer base.

  Supplier Concentration: The largest service provider accounted for approximately 71.00% of FY26 purchases, creating dependence on a key telecom/service provider.

  Receivables Risk: Trade receivables stood at approximately 137.64 crore as of March 2026, with approximately 11.20 crore outstanding for more than six months, creating collection and working-capital risk.

  Cash Flow Risk: Despite PAT of 23.40 crore in FY26, operating cash flow was only approximately 4.30 crore. Cumulative operating cash flow over FY24-FY26 was negative, reflecting pressure from receivables and working capital.

  Revenue Concentration by Service: SMS contributed 88.61% of FY26 revenue, making the company substantially dependent on SMS-based communication services.

  Regulatory Risk: The company's messaging business depends on telecom regulations, including TRAI's DLT framework, sender registration, templates, consent and traceability requirements. Regulatory changes or customer misuse could affect operations.

  Competitive Industry: The cloud communication industry is fragmented and competitive, with both organised and unorganised players competing on pricing, technology, service quality and delivery capabilities.

Objects of the Issue & Utilisation of proceeds

Working Capital Requirements: Approximately 46.00 crore is proposed to be utilised towards the company's working-capital requirements.

General Corporate Purposes: The balance amount is proposed for general corporate purposes, subject to the limits specified in the offer document.

Key Utilisation:
Working Capital: 46.00 crore
General Corporate Purposes: Balance amount
Issue Expenses: As specified in the offer document

Company Address

Dove Soft Ltd.
Office No. 1101,
DLH Park, Opp. MTN
Goregoan West
Mumbai, Maharashtra, 400062
Phone: +91 9321938063
Email: secretarial@dove-soft.com
Website: https://www.dovesoft.io/

IPO Registrar

Purva Sharegistry (India) Pvt. Ltd.
Phone: 022-41343255
Email: newissue@purvashare.com
Website: https://www.purvashare.com/investor-service/ipo-query