We are enclosing herewith the Press Release in respect of Acquisition by Man International Steel Industries Company (MISIC), a wholly owned subsidiary of the Company.
MANINDS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.0 pts more than Nifty Microcap 250 and 0.4 pts more than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
Man Industries (India) Limited announced that its wholly owned subsidiary, MAN International Steel Industries Company (MISIC) in Saudi Arabia, has acquired 100% of National Pipe Company Limited (NPC) for USD 102 million (~INR 1,000 crores). NPC is a profit-making, debt-free API-certified large-diameter carbon steel line pipe manufacturer with 430,000 MTPA capacity located in Dhahran, Saudi Arabia. The acquisition was completed at an attractive valuation of 1.5x EV/EBITDA against Saudi peer multiples of 7-9x, making it 0.7x P/BV (below book value). NPC has cash and liquid assets of USD 83 million and net worth of USD 158.6 million. The transaction is EPS-accretive from Day 1 with an expected payback period of approximately 1.5 years. NPC has been a Saudi Aramco Approved Vendor for over two decades and has a current order book of USD 120 million.
This acquisition is significantly positive for Man Industries shareholders — it adds 430,000 MTPA of API-certified capacity, provides immediate access to Saudi Aramco and other marquee GCC clients, and is EPS-accretive from Day 1 at a heavily discounted valuation. The stock could see positive re-rating given the strategic positioning in Saudi Arabia's infrastructure supercycle.