Nikhil Kamath and Quant Mutual Fund have emerged as the major investors in Swan Defence and Heavy Industries Limited’s (SDHI) recent Offer for Sale (OFS), according to industry sources. The two investors have taken almost half of the shares on offer. The OFS, undertaken by promoter Hazel Infra Limited, saw the two marquee investors lead a strong contingent of institutional players.
The offer was oversubscribed 1.2 times (119.55 per cent) in the non-retail category on its opening day, reflecting decisive investor conviction. The offer was launched to achieve Minimum Public Shareholding (MPS) compliance, with the promoter offloading a 5.01% stake, equivalent to 26,38,747 equity shares. The floor price of the OFS was fixed at Rs 1,900.
Following a successful revitalisation of Pipavav, India’s largest shipyard, SDHI has secured major orders that underscore its return to operational excellence. The company bagged a $227 million contract from European shipowner Rederiet Stenersen AS for six chemical tankers, marking a first for an Indian shipbuilder.
On the defence exports front, it secured an order from the government of Oman to build a 104-metre naval training ship for the Royal Navy of Oman. Demonstrating operational delivery under new management, the shipyard has already completed 10 repair projects—including Indian Coast Guard vessels, commercial ships, and offshore rigs—each delivered ahead of schedule.
Industry sources said that the strong backing from Nikhil Kamath, Quant Mutual Fund, and other institutional investors comes at a time when global markets continue to navigate geopolitical uncertainties. Despite these headwinds, investor sentiment toward India’s shipbuilding and defence sectors remains notably resilient and forward-looking.
Industry observers attribute this optimism to a powerful convergence of factors, including progressive maritime policies and the government’s mandate toward indigenisation, a strengthening global shipbuilding cycle, and SDHI’s positioning as a scaled, asset-backed platform with complex engineering capabilities. The company operates one of the world’s largest dry docks, measuring 662 metres by 65 metres.