VMPL
Mumbai (Maharashtra) [India], October 6: 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/
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Dove Soft Limited’s SME IPO closes with strong investor response; issue subscribed 1.36 times
