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MNB rules Norbi's IPO can continue

Deals

The National Bank of Hungary (MNB) said today that it approved a supplement to the prospectus of Norbi Update Lowcarb. The supplement's approval allows an initial public offering of the company's shares to continue.

On Friday the central bank suspended the IPO, delaying the submission of the supplement. It argued that there were contradictions in information offered by the prospectus and contained in media reports abour the company.

Small shareholders association Tebesz earlier asked the MNB to suspend the IPO due to alleged violation of disclosure rules. It argued that U.S.tennis player Andre Agassi was referred to as the "advertising face" of the company in the prospectus, but presented as a possible business partner at a press conference, media reports say.

Norbi Update Lowcarb's IPO was slated for September 8-26. But due to suspension, the period was extended until October 3.

The company runs a lifestyle and nutrition franchise system. It plans to sell almost 2.2 mln shares at price of HUF 990 apiece. The shares, which will be listed on the Budapest Stock Exchange, are to account for 34-35% of registered capital.

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