# Dove Soft Limited: IPO analysis > Dove Soft Limited (CIN U74900MH2011PLC221087) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 53,28,000 shares and an offer for sale of 12.72 lakh shares, priced at ₹104.00 to ₹111.00 per share. In FY26 it reported revenue of ₹274 Cr (+45.9% on FY25) and a net profit of ₹23 Cr. Promoters hold 73.2% before the IPO. Our fact-check of its claims found no medium or high concerns across 39 claims checked. - Page: https://ipo.innerkore.com/company/U74900MH2011PLC221087/dove-soft-limited/ - CIN: U74900MH2011PLC221087 - Last updated: 5 Oct 2026 ## Key facts - **Company:** Dove Soft Limited - **CIN:** U74900MH2011PLC221087 - **Filing stage:** RHP - **Latest SEBI filing:** 5 Oct 2026 - **Offer for sale:** 12,72,000 shares - **Price band:** ₹104.00 to ₹111.00 per share - **Bidding opens:** 30 Sep 2026 - **Bidding closes:** 5 Oct 2026 - **Listing on:** BSE - **Revenue FY26:** ₹274 Cr - **Revenue growth:** +45.9% - **Net profit FY26:** ₹23 Cr - **Revenue CAGR FY24 to FY26:** 51.3% - **Promoter holding (pre-IPO):** 73.2% - **Lead managers:** SWASTIKA INVESTMART LIMITED - **Registrar:** PRIVATE LIMITED - **Fact-check flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 11.6x P/E. From BSE's price band, on FY26 profit; 3x book value. - **Growth** (looks fine): 51.3% a year. Sales FY24 to FY26; latest year +45.9%. - **Profitability** (look closer): 8.5% net margin. FY26; operating margin steady. - **Debt** (looks fine): 0.1x equity. ₹9.3 crore borrowed at the end of FY26. - **Profit into cash** (concern): 18% of profit. Operations brought in ₹4.3 crore against ₹23.4 crore of profit in FY26. - **One-off income** (looks fine): 3% of profit. Other and one-off income is 3% of pre-tax profit. - **Where the money goes** (looks fine): 19% for sale. 81% is new shares issued by the company. (converted using BSE's price band) - **Red flags** (looks fine): None serious. 39 claims checked: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 120 | 188 | 274 | | Sales growth | – | 56.8% | 45.9% | | Operating profit | 15 | 24 | 33 | | Operating margin | 12.3% | 12.9% | 12.0% | | Net profit | 10 | 17 | 23 | | Net margin | 8.6% | 8.8% | 8.5% | | Net worth | 33 | 66 | 89 | | Borrowings | 3.3 | 8.9 | 9.3 | | Return on equity | 31.3% | 25.0% | 26.2% | ## Use of proceeds (fresh issue) - Funding working capital requirements of the company: ₹46 crore - General Corporate Purposes*: amount not fixed yet ## Fact-checked claims - **NONE** (SubsidiaryPerformance): The authorized share capital was increased from ₹ 2,0 divided into 20,000 Equity shares to ₹ 10,0 divided into 1,0 Equity shares.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the authorized share capital changes for Dove Soft Limited. - **NONE** (SubsidiaryPerformance): The main objects include carrying on the business of software designing, development, customization, and various IT-enabled services.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that the main objects include carrying on the business of software designing, development, customization, and various IT-enabled services for Dove Soft Limited. - **NONE** (SubsidiaryPerformance): The Company has sixty shareholders as on the date of filing of this Red Herring Prospectus.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the company had sixty shareholders as of the filing date. - **NONE** (PromoterBackground): Vikram Agarwal was granted 39,440 options.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Vikram Agarwal was granted 39,440 options. - **NONE** (PromoterBackground): Vidhut Dave was granted 39,440 options.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Vidhut Dave was granted 39,440 options. - **NONE** (PromoterBackground): Sachin Niwate was granted 39,440 options.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Sachin Niwate was granted 39,440 options. - **NONE** (PromoterBackground): Harish Shetty was granted 39,440 options.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Harish Shetty was granted 39,440 options. - **NONE** (PromoterBackground): Dharmesh Sharma was granted 39,440 options.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Dharmesh Sharma was granted 39,440 options. - **NONE** (PromoterBackground): Alpesh Patel was granted 39,440 options.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Alpesh Patel was granted 39,440 options. - **NONE** (PromoterBackground): Chandra Prakash Maurya was granted 49,600 options.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Chandra Prakash Maurya was granted 49,600 options. - **NONE** (PromoterBackground): Outstanding legal proceedings involving the Group Company which may have a material impact on the Company amount to ₹3,722.65 Lakhs.. No web search results were found for the claim regarding outstanding legal proceedings involving the Group Company of Dove Soft Limited. Therefore, no corroboration, contradiction, or update could be determined. - **NONE** (PromoterBackground): Outstanding legal proceedings initiated by or against the KMPs and SMPs amount to ₹1.35 Lakhs.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that outstanding legal proceedings against KMPs and SMPs amount to ₹1.35 Lakhs. ## Common questions ### How big is the Dove Soft Limited IPO? Dove Soft Limited's IPO comprises a fresh issue of 53,28,000 shares and an offer for sale of 12.72 lakh shares, according to its Red Herring Prospectus. The price band is ₹104.00 to ₹111.00 per share. ### What are Dove Soft Limited's revenue and profit? Dove Soft Limited reported revenue from operations of ₹274 Cr in FY26, +45.9% versus FY25. Net profit was ₹23 Cr (FY25: ₹17 Cr). Revenue grew at a compound rate of 51.3% a year from FY24 to FY26. Figures are read from the RHP, as printed there. ### How much do promoters own in Dove Soft Limited? Promoters hold 73.2% of Dove Soft Limited before the IPO. ### How will Dove Soft Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funding working capital requirements of the company (₹46 Cr); General Corporate Purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Dove Soft Limited's RHP? We fact-checked 39 claims from the filing against the open web: 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Dove Soft Limited do? Here is what almost nobody noticed about the DOVE SOFT IPO: there is absolutely no public record, no corroboration, no contradiction, nothing to confirm or update the authorized share capital changes for Dove Soft Limited. ### Who manages the Dove Soft Limited IPO? Book running lead managers: SWASTIKA INVESTMART LIMITED. Registrar to the offer: PRIVATE LIMITED. Shares are proposed to list on BSE. ### Where can I read the original Dove Soft Limited IPO documents? All 1 filing for Dove Soft Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Dove Soft Limited](https://www.bseindia.com/downloads/ipo/RHP&GID_Dove_280920261523.zip) (Red Herring Prospectus, filed 5 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.