Though the mega initial public offer of realty giant DLF — through which the realty developer is expecting to garner Rs 9,625 crore — got fully subscribed on its second day today, retail investors are yet to warm up to the mega IPO.

The IPO was subscribed 1.28 times at the end of Tuesday’s bidding process, receiving 22.31 crore bids for 17.5 crore equity shares on offer. This was largely due to the heavy subscription by QIBs (qualified institutional investors) like FIIs which applied for 21.72 crore shares against their quota of 10.44 crore shares as on Tuesday.

However, retail investors — who will get 35 per cent of the IPO — are yet to gear up for the IPO. Out of the retail quota of 5.22 crore shares, retail applications have come only for 53.15 lakh shares, indicating a subscription level of 0.101 times (or just 10 per cent of the retail quota) in two days. “This doesn’t necessarily mean that retail investors are avoiding the IPO. Normally, retail investors put their applications on the last day of the IPO. But its also a fact that some of the earlier mega issues of ICICI Bank and ONGC did not get enough retail response,” said BSE dealer Pawan Dharnidharka.