Firstly, open up a new image, with a dark background, this tutorial does not work with a white background, not sure with light colored backgrounds, but use a black background just to stick with the tutorial so you can understand how to create this effect. Make your foreground color the following: R:61 G:103 B:123 - If you don't know where to do this, look on the screenshot below, fill in the correct numbers in the area where I highlighted, the red box.

After that's your color, make your text that color. To do that, render your text, and check 'Preserve Transparency'. Then fill with foreground color. Now on your text, duplicate it 3 times: Layer> Duplicate Layer. On the topmost layer, the duplicated copy, go to: Filter> Blur> Gaussian Blur: Radius of 3. Duplicate the blurred layer 3 times, until you have a total of 4 blurred layers. Now with the original text layer, you still have 3 of those remember? When we duplicated it 3 times, and used one for blurring, you should still have 3 original layer's that haven't been blurred leftover.

Using the copy of the original text layer, move it in the middle of the blurred layers, so it should have 2 blurred layers on top of it, and 2 blurred layers on the bottom of it. In Layer Options : Change the blurred layer's all to Color Dodge, and change that middle layer that's not blurred into Multiply. The 2 original text layers you still have below will need to be blurred now. Blur both of them with 'Gaussian blur', with a radius of 3. If that doesn't show the text effect right, then undo those blurs and blur them 1 pixel more.

You should see the effect now! You got the text effect nailed down. Your layer formation should be like mine:

The blurred text layers are the layers with the blurred text. The layer that says 'text:multiply' is the text that is NOT blurred, that is in the middle of the blurred layers, and it has the multiply layer setting. The original text and the original text copy are the original text layers.

NOTE: If your final version does not look like my text uptop, but looks close to it, or doesn't look close to it at all, then try to go over the steps again. If still not similar, then try the whole thing over again, but blur it by more than 3 pixels.