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Tebesz asks for suspension of Norbi IPO

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Small shareholders association Tebest yesterday said it asked the National Bank of Hungary to suspend an IPO of shares of Norbi Update Lowcarb, which runs a lifestyle and nutrition franchise system, due to a violation of disclosure rules.

Tebesz said the company's owner and chief executive, Ferenc Norbert Shobert, revealed information that was not included in the flyer during the subscription period. It explained that American tennis great Andre Agassi was listed as the "advertising face" of the company in the flyer, but presented as a possible business partner at a press conference, according to media reports.

Norbi Update Lowcarb's IPO is taking place on September 8-26. The company plans to sell at most 2.2 mln shares at an initial price of HUF 990 apiece. The shares, which will be listed on the Budapest Stock Exchange, account for 34-35% of registered capital.

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