The initial public offer (IPO) of RailTel Corporation has been subscribed 6.65 times on day two of the bidding with an overwhelming response from retail investors.

According to data available on the exchanges, the IPO worth Rs 8.19 billion has received bids for 0.406 billion equity shares against an offer size of over 0.061 billion shares.

While the portion reserved for retail investors was subscribed 10.55 times, the qualified institutional buyer was subscribed 2.97 times, the non-institutional investor category was subscribed 2.63 times and the employee reservation category was subscribed 1.85 times.

The offer comprises of 87.15 million equity shares of face value of Rs 10 each and is a complete offer for sale by the government of India. Therefore, the company will not be directly receiving any proceeds from the same.