Institutional demand for Daqin Railway's 15bn yuan (€1.5bn) initial public offering has exceeded supply by 24 times in what is expected to be China's second largest domestic float this year.

Daqin, the operator of the country's most comprehensive coal transport network, is selling 3.03 billion yuan-denominated A-shares, offering 1.06 billion of these to investors and the remainder to retail investors in an auction on Friday, according to Reuters.