ASX aspirant Midway Limited has upsized its initial public offering to just shy of $40 million to meet demand, as revealed by Street Talk.
The institutional bookbuild is expected to close on Tuesday, instead of Wednesday.
Bell Potter, Ord Minnett and Morgans started drumming up interest in the wood fibre and pulp products producer last week, initially seeking to raise $30 million at $2.50 a share.
Midway is a forestry company involved in the production and export of high quality wood fibre to producers of pulp, paper and associated products in China and Japan.
Midway told potential investors it expected $210 million revenue and $28 million EBITDA in the 2017 financial year. Net profit was forecast to be $16.5 million.
The listing would value Midway at 11.4-times forecast 2017 financial year profit and 7.6-times EBITDA, and implied a 7 per cent dividend yield.
If successful, Midway will list with a $200 million market capitalisation on December 8.
