Dove Soft IPO opened with tepid response on Day 1, recording a cumulative subscription of 0.03x. Retail investors led the demand with a 0.07x take-up, while QIB and Non-Institutional Investor portions remained completely untouched.

Subscription Status

The issue witnessed minimal interest during its first day of bidding. The overall subscription stood at 0.03x as of the end of Day 1 (30-09-2026). No significant momentum was observed in institutional or high-net-worth individual segments throughout the trading session.

Category-wise Breakdown

Retail Individual Investors (RII) were the sole contributors to the subscription, achieving a 0.07x take-up rate. Qualified Institutional Buyers (QIB) and both categories of Non-Institutional Buyers (bHNI and sHNI) recorded 0.00x subscription, indicating a complete lack of institutional interest on the opening day.

Intra-day Timeline

Retail demand picked up pace slightly after 11:15 AM, moving from 0.04x to 0.07x by 12:15 PM. Institutional categories remained static at zero throughout the available data points.

Offer Details

Dove Soft Limited is offering equity shares in a price band of ₹104.00000 - ₹111.00000 per share. The minimum bid quantity is set at 2400 shares. The issue size ranges from ₹249600 crore to ₹500000 crore.

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 across industries such as BFSI, IT, e-commerce, healthcare, retail, and telecom.

The company operates through two subsidiaries — Dove Soft Technologies Private Limited (India) and Dove Soft Global FZCO (Dubai). It reported consolidated revenue of ₹27,398.01 lakhs in FY2026, reflecting a CAGR of ~66% since FY2022. The company maintains an asset-light, usage-based model with an EBITDA margin of ~11.96% in FY2026.

Financial Highlights

The company has shown consistent growth in revenue and profitability over the last three financial years.

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.
• 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.

Risk Factors

Key risks associated with the company include:

• Dependency on Strategic Relationships: Reliance on channel partners and Mobile Network Operators (MNOs) for connectivity; consolidation or loss of these relationships could impact operations.
• High Client Concentration: The top 1 client contributed 37.60% of revenue from operations in FY2026. Loss of this client could materially affect revenues.
• Geographic Revenue Concentration: Approximately 89.40% of revenue was derived from clients in Northern and Western India in FY2026.
• Technology Systems Failures: Service delivery relies on infrastructure vulnerable to power loss, cyber threats, and software defects, which could lead to service suspension.
• Dependency on Limited Service Providers: The top 1 service provider accounted for 71.00% of revenue from operations in FY2026, with procurement based on purchase orders without long-term agreements.