The National Stock Exchange of India’s long-awaited IPO is entering a more detailed pricing phase, with the size of the offer potentially falling as some existing shareholders reconsider how much of their stake to sell. The change matters because the issue is structured entirely as an offer for sale, meaning the proceeds will go to selling shareholders rather than to the exchange itself.

The Hindu reported on September 9 that the offer for sale could be reduced to about 5.2% to 5.5% of NSE’s paid-up capital from the 6% planned earlier. That adjustment could bring the total issue size down to Rs 25,000 crore to Rs 27,000 crore, compared with the earlier estimate of Rs 30,000 crore. Hyundai Motor India’s Rs 27,870 crore issue currently holds the record for India’s largest public offering.

People familiar with the matter told The Hindu that some shareholders may prefer to wait because they believe a later sale could command a higher valuation. The report also said NSE is looking at a structure that would make the offer more attractive to retail investors, including pricing intended to support wider small-investor participation in the offer for sale.

The expected price band has also moved lower in the latest reports. The Hindu said the range could be Rs 1,700 to Rs 1,785 a share, against an earlier estimate of about Rs 2,000. The figures are still expectations from sources, not the final band. Reuters reported on September 4 that the formal price band was likely to be announced around September 15.

Reuters said book-building was expected to start on September 11 and that the exchange was targeting a listing in the week beginning September 21. The Hindu reported a possible public subscription window from September 18 to September 22 and a potential listing on September 25. These dates remain subject to the final offer documents and exchange timetable.

For investors, the smaller offer would change the balance between headline size and access to the exchange’s equity story. A fully secondary issue can give existing holders liquidity while leaving the company’s operating capital unchanged. The exchange would therefore be judged mainly on its earnings outlook, market position and governance record rather than on a new-project funding plan.

Reuters described NSE as the dominant venue in India’s equity derivatives market and the world’s most active derivatives exchange by contracts traded. It also reported that the exchange has been valued at about $55 billion in the unlisted market, while an expected price near Rs 1,800 could imply a valuation of about $47 billion. Those figures show why the final price and share count are receiving close attention.

The timing also places the NSE issue in a crowded market. Reuters reported that several companies were scheduled to debut in the same period, while The Hindu noted that the proposed offering could compete for investor attention with Jio Platforms’ expected issue. Competition does not determine demand, but it may affect how investors allocate money across new listings.

The IPO follows a long delay. Reuters said NSE filed its draft prospectus with SEBI in June after listing plans had been held up since 2016 by regulatory scrutiny and legacy legal issues. The Hindu said SEBI’s recent clearance marked a major step after the exchange addressed past hurdles, including the co-location controversy.

The final offer document will settle the points that remain provisional: the number of shares, price band, retail allocation, subscription dates and selling-shareholder list. Until those details are published, the clearest development is the possible reduction in the offer-for-sale portion. That shift may make the NSE IPO smaller, but it also puts more emphasis on valuation, retail access and the exchange’s post-listing market performance.