Mumbai…October 6, 2026 : The initial public offering (IPO) of Dove Soft Limited, an integrated cloud communications and Communications Platform as a Service (CPaaS) provider, closed today after receiving an encouraging response from investors. The issue was subscribed 1.36 times, receiving bids for 89,62,800 equity shares against 66,00,000 equity shares on offer.
The
Non-Institutional Investors (NII) portion was subscribed 1.96 times, while the
QIB and Individual Investors portions were subscribed 1.00 times and 0.81
times, respectively. The total amount received stood at ₹99.49 crore.
The
IPO opened on September 30, 2026, and closed on October 5, 2026. The issue
comprised a fresh issue of 53.28 lakh equity shares aggregating to ₹59.14 crore
and an Offer for Sale (OFS) of 12.72 lakh equity shares aggregating to ₹14.12
crore, taking the total issue size to ₹73.26 crore. The price band was fixed at
₹104 to ₹111 per equity share. The equity shares are proposed to be listed on
the BSE SME platform.
Commenting
on the response to the IPO, Muktesh Narula, CEO, Dove Soft Ltd, said, “We are
encouraged by the response received to our IPO and would like to express our
sincere gratitude to our investors for the trust and confidence they have
placed in Dove Soft. The successful completion of the issue marks an important
milestone in our journey as we continue to build and scale our cloud
communications and CPaaS business. The funds raised will support our working
capital requirements and general corporate purposes, while enabling us to
strengthen our capabilities and pursue opportunities across higher-value
communication channels and enterprise solutions. We remain focused on
delivering sustainable growth and creating long-term value for our
stakeholders.”
Dove
Soft has demonstrated strong financial growth, with revenue from operations
rising 46% to ₹273.98 crore in FY2026 from ₹187.74 crore in FY2025, while
profit attributable to owners increased by approximately 42% to ₹22.89 crore
during the same period.
Founded
in 2011, Dove Soft has evolved from its traditional SMS business into a broader
CPaaS offering spanning SMS, RCS, WhatsApp, Voice, Email and digital services.
The company is focusing on increasing its enterprise business and expanding
higher-value communication channels.
As
part of its growth strategy, the company has launched an AI-Native Unified
Communication Interface for Enterprise Workflow Automation, bringing multiple
communication channels together through AI-powered automation, intelligent channel
selection and real-time analytics.
Dove
Soft is targeting a shift in its business mix from approximately 90%
traditional SMS and 10% new channels currently to a 50:50 mix by 2029, with
greater contribution expected from RCS, Voice and AI-enabled communication
solutions.
The
fresh issue proceeds will be utilised towards working capital requirements and
general corporate purposes. Swastika Investmart Ltd. is the Book Running Lead
Manager and Market Maker, while Purva Sharegistry (India) Pvt. Ltd. is the Registrar
to the Issue.
About Dove Soft
Limited
Dove
Soft Limited is an integrated provider of cloud communications solutions in
India, commonly known as a Communications Platform as a Service (CPaaS)
provider. The company offers a wide range of services across SMS, RCS, Voice,
WhatsApp, Email and other digital platforms, enabling businesses to communicate
efficiently with their customers through reliable and scalable messaging and
engagement solutions. With offices and operations across Mumbai, Ahmedabad, Gurugram
and Dubai, Dove Soft serves enterprises as well as over-the-top (OTT)
platforms, offering solutions including transactional SMS, WhatsApp messaging,
voice services, automated voice call solutions, email communication and various
digital products. The company also offers AI-powered capabilities across its
communication solutions, including AI-enabled automation and workflow-driven
customer engagement.
Dove
Soft Limited was established in 2011 and has built its business around
communication services, expanding its portfolio over the years across voice,
email, messaging and digital communication channels. The company has also
developed a unified communication platform that brings multiple channels
together through a single interface, with capabilities including AI-powered
automation, intelligent channel selection, real-time analytics and
workflow-driven communication.
Dove
Soft Limited has a presence across India and international markets and caters
to enterprises and OTT platforms through its portfolio of communication
solutions.
Website - https://dovesoft.io/