The National Stock Exchange of India has reduced the size of its long-awaited initial public offering by more than 15%, with existing investors now planning to sell 126.4 million shares instead of the 148.91 million previously proposed. The IPO will open for subscription on September 17 and close on September 21, with bidding by anchor investors scheduled for September 16. The revised share count follows earlier plans to reduce the stake offered to about 5.5% from 6% after some shareholders declined to sell at a lower valuation. NSE had been expected to price the offering at ₹1,700 to ₹1,785 per share, below the previously marketed range of ₹2,000 to ₹2,100. At the top of the revised range, the sale would raise about ₹24,300 crore ($2.6 billion) and value NSE at up to ₹4.42 lakh crore, below the earlier ₹5.26 lakh crore target and Hyundai Motor India Ltd.’s ₹27,900 crore IPO in 2024. The offering consists entirely of secondary shares, so NSE itself will receive no proceeds. The reset comes as options trading faces pressure from higher taxes and Indian equities underperform emerging-market peers.