Mumbai, Feb 16 (IANS): The initial public offering (IPO) of RailTel has been fully subscribed in the the first day of the offering with strong demand from retail investors.

Taking to Twitter, the Secretary for the Department of Investment and Public Asset Management (DIPAM), Tuhin Kanta Pandey said that similar demand is expected from the high networth individuals (HNI) and qualified institutional buyers.

"Strong demand from retail investors led to full subscription of RailTel IPO within the first few hours on day 1. Similar demand expected from HNI and QIB investors on day 2 & 3," he said.

The total size of the offer is of Rs 819.24 cr at the upper price band of Rs. 94 per share.

The offer comprise of 87,153,369 equity shares of face value of Rs 10 each and is a complete offer for sale by the Government of India and the company will not be directly receiving any proceeds from the same. The minimum bid lot is of 155 equity shares, thereafter in multiples.

The price band has been fixed at Rs 93-94 per equity share.