Marquee investors, including Nikhil Kamath, the co-founder of Zerodha and Quant Mutual Fund, one of India’s leading asset managers, anchored the Offer for Sale (OFS) in Mumbai-based Swan Defence and Heavy Industries Limited (SDHI), with the company’s promoters’ raising an estimated ₹500 crore.
The OFS was oversubscribed 1.2 times, signalling strong institutional confidence in the shipbuilding company’s turnaround story in Gujarat where it operates a shipbuilding facility, according to sources familiar with the matter. The issue raised approximately ₹500 crore, at an average realised price of ₹1,905–1,910 per share, sources added. SDHI declined to comment on the issue.
The OFS, undertaken by promoter Hazel Infra Limited, involved the sale of up to 5.01 per cent of the company’s total equity, or 26.38 lakh shares, through the stock exchange mechanism on BSE and NSE, in line with SEBI’s minimum public shareholding (MPS) requirements. The base offer was spread across institutional and retail categories over two trading days. Institutional investors alone oversubscribed the OFS by 20 per cent, with participation largely from long-only funds, sources said.
While investor participation was anchored by marquee names, including Nikhil Kamath, who co-founded Zerodha, one of India’s largest retail brokerage platforms, and Quant Mutual Fund, a leading domestic asset manager, other long-term institutional investors, including Bank of India, also participated, highlighting strong confidence in SDHI’s prospects. According to sources, the OFS was completed at an average price of ₹1,905–1,910 per share.
Operationally, SDHI has seen steady business momentum. Its shipyard at Pipavav in Gujarat has secured orders, including six chemical tankers from Norway-based Rederiet Stenersen AS and a defence export contract for the Royal Navy of Oman. The company has also completed over 10 ship repair and refit projects across Indian Coast Guard vessels, commercial ships, and offshore rigs, with several deliveries ahead of schedule, reflecting improved execution under new management.