Norbi Update IPO closes

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The initial public offering of shares of Norbi Update Lowcarb, a Hungarian company that runs a lifestyle and nutrition franchise system, successfully closed on October 3, the company said in a statement. Investors subscribed to 831,764 shares, above the minimum 800,000, and below the maximum of 2.2 mln existing shares, on offer at an initial price of HUF 990 apiece.

The shares on offer accounted for 34-35% of registered capital. According to the statement, owners Norbert Schobert and Réka Schobert will use 84% of the proceeds of the offering to carry out a private capital increase. Proceeds of the IPO were above HUF 823 mln, MTI Econews calculated.

The shares will be listed in the Standard category of the Budapest Stock Exchange. In 2013 Norbi Update Lowcarb had an operating income of HUF 103.1 mln and net income of HUF 94.1 mln. Norbert Schobert said earlier in September that the company wants to expand its franchise network in a further seven countries. At present, the company has 112 shops in three countries.

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