Dove Soft IPO
Dove Soft LtdSME
This IPO opens on 30 Sep 2026.
- Open date
- 30 Sep 2026
- Close date
- 5 Oct 2026
- Min. Investment
- ₹2,66,400
- Lot Size
- -
- Fresh Issue
- ₹59.14 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers0.00x
- Non-Institutional Investors0.00x
- Retail-Individual Investors0.00x
- Total0.00x
Schedule
- Current step: IPO open date30 Sep 2026
- Upcoming: IPO close date5 Oct 2026
- Upcoming: Allotment date6 Oct 2026
- Upcoming: Funds unblock or debit7 Oct 2026
- Upcoming: Tentative listing date8 Oct 2026
About
Promoter shareholding in Dove Soft Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Kurjibhai Rupareliya | 46,94,000 | 24.63% | 46,94,000 | 19.25% |
| Rahul Bhanushali | 71,31,034 | 37.42% | 64,95,034 | 26.63% |
| Sky Occean Infrastructure Ltd | 21,26,703 | 11.16% | 14,90,703 | 6.11% |
| Lalitaben Ruparelia | 2,11,500 | 1.11% | 2,11,500 | 0.87% |
Financials of Dove Soft IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 119.73 | 187.74 | 273.98 |
| Total Expenses | 106.07 | 166.06 | 244.52 |
| Profit Before Tax | - | - | - |
| Total Profit | 10.12 | 16.16 | 22.89 |
Dove Soft IPO Strengths & Risks
- Sustainable business model and consistent financial track record.
- Diversified service portfolio resulting in our lesser dependence on a single industry, product or services;.
- Scalable delivery platform supported by robust infrastructure.
- Experienced Promoter and senior management team
- Risks Relating to the Business: The Company is involved in certain income tax proceedings, and any adverse outcome may adversely affect its financial condition, cash flows and reputation.
- Risks Relating to the Business: Certain income tax proceedings involving one of its Group Company i.e. E-Trav Tech Limited may adversely affect the company's reputation and financial position.
- Risks Relating to the Business: Certain proceedings relating to an entity previously associated with a member of the company's Promoter Group may adversely affect the reputation of such member and, consequently, the Company.
- Risks Relating to the Business: The company may be subject to penalties or regulatory action for not obtaining a fresh valuation report at the time of cancellation of the transaction with Rajabhau Shriram Phad.
- Risks Relating to the Business: The company is dependent on its strategic relationship with Channel partners and the company's direct relationships with mobile network operations ("MNOs"). The company's inability to enters into or maintain such relationships, particularly with MNOs, may adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: Failures, defects, delays and other problems involving the technology systems and infrastructure on which the company relies on providing its services and solutions to the company's clients may adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The company faces a risk from potential claims resulting from client's misuse of its platform to send unauthorized text messages and calls and other services in violation of TRAI regulations.
- Risks Relating to the Business: The company's revenue depends on the limited number of clients and the loss of such clients could adversely affect its financial condition and results of operations.
- Risks Relating to the Business: The company's revenue is highly dependent on clients primarily located in North and West Zone of India. Any decline economic health of such regions could adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: Conflict of interest may arise as the company's Subsidiary, one of its group company and some of the company's promoter group entities are authorized to carry on a similar line of business as the Company which may lead to real or potential conflicts of interest for its Promoters or Directors.
- Risks Relating to the Business: The company's purchases from limited service providers and dependency on a limited number of service providers could adversely affect its financial condition and results of operations.
- Risks Relating to the Business: The company is involved in certain legal proceedings, which, if determined adversely, may affect its business and financial condition.
- Risks Relating to the Business: The company has witnessed negative cash flow from operating activities in the past. Any negative cash flows in the future would adversely affect its cash flow requirements, which may adversely affect the company's ability to operates its business and the company's financial condition.
- Risks Relating to the Business: The company's Restated Financial Statements are reviewed and signed by a peer-reviewed auditor who is not the Statutory Auditor of the Company, which could give rise to differences in professional judgment or interpretation.
- Risks Relating to the Business: The Company has filed adjudication applications for certain past non-compliances under the Companies Act, 1956/2013, and there can be no assurance that similar issues will not arise in the future, which may expose it to penalties or regulatory action.
- Risks Relating to the Business: There have been instances of delays and inaccuracies in filings with the Registrar of Companies in the past, and any future lapses may attract penalties or other regulatory actions, which could adversely affect the company's business, financial condition and reputation.
- Risks Relating to the Business: The company is unable to trace some of the historical records of the Company pertaining to RoC compliance for past periods. Its cannot assure you that legal proceedings or regulatory actions will not be initiated against the Company in future in relation to such untraceable records.
- Risks Relating to the Business: The company operates in a highly evolving market and any inability to respond to such changing conditions could adversely affect its business and results of operations.
- Risks Relating to the Business: The company faces foreign exchange risks that could adversely affect its results of operations and cash flows.
- Risks Relating to the Business: The company's insurance coverage may not adequately protect it against potential risks, leading to uninsured losses or losses exceeding the company's coverage, which could have a material adverse effect on its business.
- Risks Relating to the Business: Competition in the market for cloud communication platform services could affect the company's pricing, which could reduce its share of business from clients and decrease the company's revenue and profitability.
- Risks Relating to the Business: Deficiencies in or termination of services by third-party service providers such as server capacity providers, failures to provide, delays or outages, may adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company's business has grown rapidly in recent periods, and its may not be able to sustain the company's rate of growth in future.
- Risks Relating to the Business: Failures to meet the quality standards for the company's solutions in accordance with its contracts with clients could adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: Delay in customer payments and receivables may adversely impact on the company's profits and affect its cash flows.
- Risks Relating to the Business: Failures to offer client support in a timely and effective manner may adversely affect the company's relationships with its clients.
- Risks Relating to the Business: The company's Registered office is located on premises taken on a leave and license basis and its other branch offices are located on co-working spaces and there can be no assurance that the Leave and License agreement will be renewed upon termination or that the company will be able to obtain other premises on leave and license on same or similar commercial terms.
- Risks Relating to the Business: If the market for enterprise cloud communication platform services does not develop according to the company's expectations or declines, its business, results of operations and financial condition may be adversely affected.
- Risks Relating to the Business: The company requires working capital for its smooth day to day operations of business and any discontinuance or the company's inability to acquire adequate working capital timely and on favorable terms may have an adverse effect on its operations, profitability and growth prospects.
- Risks Relating to the Business: Any disruption in the supply of power, IT infrastructure and telecommunications connections to the company's offices could disrupt its cloud communication platform services and subject the company to additional costs.
- Risks Relating to the Business: If the company is unable to implement its marketing strategy in a cost-effective timely manner or at all, then the company's business, results of operations and financial condition would be adversely affected.
- Risks Relating to the Business: The company's Promoter has provided personal guarantee for loans availed by the company. In the event of default of the debt obligations, the personal guarantees may be invoked thereby adversely affecting its Promoter's ability to manage the affairs of the Company and its profitability and consequently this may impact the company's business, prospects, financial condition and results of operations.
- Risks Relating to the Business: The company is dependent on its Promoters, Directors and senior management, including other employees with technical expertise. Any loss of or the company's inability to attract or retain such persons could adversely affect its business, results of operations and financial conditions.
- Risks Relating to the Business: The company faces significant competition for skilled professionals, and its success depends in large part upon the company's ability to attract and retain these personnel. Any inability on its part to attract and retain the company's key managerial personnel and/or talented professionals may adversely affect its business and results of operations.
- Risks Relating to the Business: The Company's logo is registered as on date of this Red Herring Prospectus. Failures to protect its intellectual property rights may adversely affect the company's competitive business position, financial condition and profitability.
- Risks Relating to the Business: Any inefficiencies in or failures of the company's billing and management information systems may adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The company's growth and revenue are subject to volatility, primarily due to fluctuations in traffic volumes and the usage of its cloud communication platform services by enterprise clients.
- Risks Relating to the Business: Grants of stock options under the company's employee stock option plan may result in a charge to its profit and loss account and, to that extent, reduce the company profitability and financial condition.
- Risks Relating to the Business: The company's inability to collect receivables in time or at all and default in payment from its customers could result in the reduction of the company's profits and affect its cash flows.
- Risks Relating to the Business: The company has in the past entered into related party transactions and may continue to do so in the future.
- Risks Relating to the Business: The company's Promoters and Directors hold Equity Shares in its and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- Risks Relating to the Business: The company's directors does not have any prior experience of being a director in any other listed company in India and this may present certain potential challenges for the Company and in the event of any material non-compliance where its directors are held liable and responsible, the company may have to appoint new directors.
- Risks Relating to the Business: Certain of the company's Key Managerial Personnel and Promoter does not have documents evidencing certain information in relation to their past experience and education qualification.
- Risks Relating to the Business: This Red Herring Prospectus contains information from an industry report prepared by Infomerics Analytics & Research, commissioned by the company for the purpose of the Offer for an agreed fee.
- Risks Relating to the Business: The company's Promoter Group includes certain individuals for whom Permanent Account Number ("PAN") details and/or death certificates are presently unavailable.
- Risks Relating to the Business: The objects of the fresh issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of the company's Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders approval.
- Risks Relating to the Business: In addition to the company's existing indebtedness for its existing operations, the company may incur further indebtedness during the course of business. Its cannot assure that the company would be able to service its existing and/or additional indebtedness.
- Risks Relating to the Business: If the company does not develop enhancements to its services and introduce new services that achieve market acceptance, the company's business, results of operations and financial condition could be adversely affected.
- Risks Relating to the Business: The company may be vulnerable to certain operational risk such as credit risk.
- Risks Relating to the Business: If there is a change in policies related to tax, duties or other such levies applicable to the company, it may affect the company's results of operations.
- Risks Relating to the Business: The company's customers may develop in-house solutions and migrate part or all of the services that its provide them to these in-house solutions.
- Risks Relating to the Business: The company's inability to obtain, renew or maintain its statutory and regulatory permits and approvals required to operates the company's business may have a material adverse effect on its business, financial condition and results of operations.
- Risks Relating to the Business: Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares held by the company's Promoters could be lower than the Offer Price.
- Risks Relating to the Business: The company depends on certain customers for its revenues which include the company's group company/entities. A decrease in the revenues the company derives from them could adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company has not paid any dividends in the past Financial Years. The company's ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
- Risks Relating to the Business: The company's Promoters may enters into ventures that may lead to real or potential conflicts of interest with its business.
- Risks Relating to the Business: The company will continue to be controlled by its Promoters and Promoter Group after the completion of the Offer, which will allow them to influence the outcome of matters submitted for approval of the company's shareholders.
- Risks Relating to the Business: The company's Equity Shares have never been publicly traded and may experience price and volume fluctuations following the completion of the Offer, an active trading market for the Equity Shares may not develop, the price of its Equity Shares may be volatile and you may be unable to resell your Equity Shares at or above the Offer Price or at all.
- Risks Relating to the Business: Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Offer.
- Risks Relating to the Business: The company's business is substantially affected by prevailing economic, political and other prevailing conditions in India.
- Risks Relating to the Business: The company may requires additional equity or debt in the future in order to continue to grow its business, which may not be available on favourable terms or at all.
- Risks Relating to the Business: The company's Equity Shares have never been publicly traded, and after the Offer, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the Offer Price may not be indicative of the market price of the Equity Shares after the Offer.
- Risks Relating to the Business: There are restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.
- Risks Relating to the Business: QIB and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- Risks Relating to the Business: Any future issuance of Equity Shares may dilute the shareholding of the Investor, or any sale of Equity Shares by the company's Promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- Risks Relating to the Business: Significant failures or disruption of the company's information technology systems could adversely impact its business, results of operations and financial condition.
- Risks Relating to the Business: The Company will not receive any proceeds from the Offer for Sale, and may not receive proceeds from the Offer.
- Risks Relating to the Business: The Company may introduce new products that may not achieve commercial success, which could adversely affect its results of operations and financial condition.
