More than 57 per cent of the Mass Transit Railway Corp's (MTRC) share offering has been allocated to retail investors who applied for up to 50,000 shares. This results in a wide shareholder base as more than 10 per cent of the subway operator will be in the hands of 602,000 small investors. Allotment results indicate that the highest percentage of allocations were made to those who applied for smaller numbers of shares, showing the Government sought to encourage retail participation. Investors who subscribed to 500 to 2,500 shares will each receive the minimum allocation of 500 shares. Retail investors who subscribed to 500 shares will get 100 per cent of shares they sought, but those who subscribed to 2,500 shares will only get 20 per cent. The retail tranche was increased threefold to 60 per cent of shares offered as a record 602,520 valid applications were received. However, retail subscribers are not guaranteed a high percentage of the allocation. Two investors who each subscribed to 30 million shares - an investment of HK$281.4 million - will only receive 11,000 shares each, representing an allocation percentage of 0.04 per cent. The percentage they receive, however, is likely to be lower than that of institutional investors because the international tranche was only 15.2 times subscribed. This implied institutional investors would receive an average of 6.6 per cent of shares sought.