Dove Soft IPO Subscribed 1.36 Times, NII Demand Leads ₹73.26 Crore Issue

Mumbai: Cloud communications provider Dove Soft Limited’s ₹73.26 crore initial public offering closed on October 5, 2026, with a subscription of 1.36 times, according to the company.

Investors bid for 89,62,800 equity shares against 66,00,000 shares offered. The value of bids stood at ₹99.49 crore.

Non-institutional investors led demand, subscribing 1.96 times their allocation. The qualified institutional buyer portion received full subscription, while the individual investor category was subscribed 0.81 times.

Issue Structure And Proposed Listing

The IPO opened on September 30 with a price band of ₹104–₹111 per share. It comprised a fresh issue of 53.28 lakh shares worth ₹59.14 crore and an offer for sale of 12.72 lakh shares worth ₹14.12 crore.

Dove Soft’s shares are proposed to list on the BSE SME platform. Fresh issue proceeds will fund working capital requirements and general corporate purposes.

Swastika Investmart is the book running lead manager and market maker, while Purva Sharegistry (India) is the registrar.

Revenue And Profit Rise

Dove Soft reported revenue from operations of ₹273.98 crore in FY2026, up 46% from ₹187.74 crore in FY2025. Profit attributable to owners increased approximately 42% to ₹22.89 crore.

Chief executive Muktesh Narula said the IPO’s completion marked a milestone for the company. He added that the funding would support business requirements while helping strengthen capabilities in enterprise solutions and higher-value communication channels.

CPaaS Expansion And AI Strategy

Founded in 2011, Dove Soft has expanded beyond traditional SMS into Communications Platform as a Service, covering RCS, WhatsApp, voice, email and digital services.

Its AI-native unified communication interface combines channels with workflow automation, intelligent channel selection and real-time analytics.

The company aims to change its business mix from approximately 90% traditional SMS and 10% newer channels to an equal split by 2029.

With operations across Mumbai, Ahmedabad, Gurugram and Dubai, Dove Soft serves enterprises and OTT platforms, targeting greater contributions from RCS, voice and AI-enabled communication solutions.