Dove Soft Limited's IPO closed Day 3 with a cumulative subscription of 0.92 times, mirroring the previous day's figures. QIBs remained fully subscribed, while Retail interest held steady at 0.55x.

Subscription Status

The subscription for Dove Soft Limited's IPO saw no movement on Day 3, ending the trading session at 0.92 times the issue size. The overall demand profile remained static compared to the close of Day 2. While the Qualified Institutional Buyer (QIB) category has achieved full uptake, the Non-Institutional and Retail categories continue to show moderate participation. The lack of incremental demand on the third day suggests that the bulk of institutional interest was captured earlier in the offering period.

Subscription Progression

Category-wise Breakdown

As of the final snapshot on Day 3, the demand distribution across investor categories remains unchanged from the previous day:

• Qualified Institutional Buyers (QIB): 1.00x
• Non-Institutional Buyers (bHNI): 0.01x
• Non-Institutional Buyers (sHNI): 1.93x
• Retail: 0.55x
• Employees: 0x
• Total: 0.92x

The QIB category jumped from 0.00x on Day 1 to 1.00x on Day 2 and maintained that level through Day 3. Retail participation increased slightly from 0.44x on Day 1 to 0.55x on Day 2, remaining flat on Day 3. The sHNI segment maintains the highest multiple among non-institutional buyers at 1.93x, unchanged since Day 1.

Intra-day Timeline — 30 September 2026

Retail demand accelerated sharply in the final two hours. After holding steady around 0.24x until 16:15 IST, the Retail category jumped to 0.44x by 17:15 IST, pushing the total subscription from 0.32x to 0.85x. The bHNI category also saw activity, reaching its final count of 1.93x by the end of the day.

Offer Details

• Company: Dove Soft
• Price Band: ₹104.00 - ₹111.00
• Issue Size: ₹249,600 crore - ₹500,000 crore
• Min Bid Qty: 2400
• Open Date: 2026-09-30 10:00:00
• Close Date: 2026-10-05 16:00:00

About the Company

Dove Soft Limited is an integrated CPaaS (Communications Platform as a Service) provider incorporated in India. The company offers cloud communication solutions including SMS, RCS, Voice, WhatsApp, Email, and digital services. It acts as an aggregator between telecom operators and enterprise clients, serving industries such as BFSI, IT, e-commerce, healthcare, retail, and telecom across domestic and international markets.

The company operates through two subsidiaries — Dove Soft Technologies Private Limited (India) and Dove Soft Global FZCO (Dubai). It was founded in 2011 and is led by MD Rahul Bhanushali.

Financial Highlights

The company reported consolidated revenue of ₹27,398.01 lakhs in FY2026, reflecting a CAGR of ~66% since FY2022. The asset-light, usage-based model supports scalable recurring revenues with an EBITDA margin of ~11.96% in FY2026.

Objects of the Issue

The company intends to utilize the IPO proceeds for the following purposes:

• Working Capital Requirements: To fund day-to-day operational expenses, enhance product offerings, and strengthen relationships with telecom operators and vendors by negotiating better pricing and credit terms.
• General Corporate Purposes: For business development initiatives, salaries, rent, administration costs, insurance premiums, repairs and maintenance, and payment of taxes and duties.
• Offer Related Expenses: To cover listing fees, underwriting commission, BRLM fees, legal counsel fees, registrar fees, printing, advertising, and other incidental expenses for listing the Equity Shares on the Stock Exchanges.

Risk Factors

• Dependency on Strategic Relationships: The company's ability to provide services is highly dependent on relationships with channel partners and Mobile Network Operators (MNOs). Consolidation within the telecommunications industry or inability to maintain these relationships could significantly impact reputation, profitability, and overall business operations.
• High Client Concentration Risk: The company is dependent on a limited number of clients for a substantial portion of revenues, with the top 1 client contributing 37.60%, 30.61%, and 54.82% of revenue from operations for FY2026, FY2025, and FY2024, respectively.
• Geographic Revenue Concentration: Approximately 89.40% of revenue is derived from clients in Northern and Western India (FY2026). Any economic deterioration or regulatory changes in these regions could adversely affect business.
• Technology Systems Failures: Service delivery relies on technology systems vulnerable to power loss, telecom failures, natural disasters, cyber threats, and software defects. Disruptions could result in service suspension and revenue decline.
• High Dependency on Limited Service Providers: The top 1 service provider accounts for 71.00%, 59.69%, and 50.40% of revenue from operations for FY2026, FY2025, and FY2024, respectively, with procurement based on purchase orders without long-term agreements.

What's Next

• Closing Date: October 5, 2026
• Allotment Date: October 6, 2026
• Listing Date: October 8, 2026