For this purpose the best possible solution is to convert into bytes using IEEE754-1985 standard using SQL commands.
First it is required to check for special cases defined by IEEE754-1985 standard. Then just follow the standard algorithm to convert if it is not in any special cases. Sample code is below.
Inputs are bytea_value bytea, is_little_endian boolean then divide into 4 bytes as below:   
  byte_array[0]:= get_byte(bytea_value, 0);
  byte_array[1]:= get_byte(bytea_value, 1);
  byte_array[2]:= get_byte(bytea_value, 2);
  byte_array[3]:= get_byte(bytea_value, 3);
Then get the binary value by considering little endian or big endian
IF is_little_endian THEN
        binary_value:= byte_array[0]::bit(8) || byte_array[1]::bit(8) || byte_array[2]::bit(8) || byte_array[3]::bit(8);
    ELSE
        binary_value:= byte_array[3]::bit(8) || byte_array[2]::bit(8) || byte_array[1]::bit(8) || byte_array[0]::bit(8); 
    END IF;
Now check for special cases:
IF binary_value = '00000000000000000000000000000000' OR binary_value = '10000000000000000000000000000000' THEN -- IEEE754-1985 Zero
        return 0.0;
    END IF;
sign := substring(binary_value from 1 for 1);
    exponent := substring(binary_value from 2 for 8);
    mantissa := substring(binary_value from 10 for 23); 
    IF exponent = '11111111' THEN
        IF mantissa = '00000000000000000000000' THEN   -- IEEE754-1985 negative and positive infinity
            IF sign = '1' THEN                    
                return '-Infinity';                    
            ELSE                    
                return 'Infinity';  
            END IF;                  
        ELSE
          return 'NaN'; -- IEEE754-1985 Not a number
        END IF; 
    END IF;
If it does not belong to any special cases just convert it as below:
exp := exponent::int;
    IF exp > 126 THEN
     exp := exp - 127;
    ELSE
     exp:= -exp;
    END IF;
    WHILE mantissa_index < 24 LOOP
        IF substring(mantissa from mantissa_index for 1) = '1' THEN
            result := result + power(2, -(mantissa_index));
        END IF;
        mantissa_index = mantissa_index + 1;
    END LOOP;
    result := result * power(2, exp);
    IF(sign = '1') THEN
        result = -result;
    END IF;
    return result;