New Delhi, Sep 11 (PTI): The National Stock Exchange (NSE) will open its much-awaited initial public offering (IPO) for subscription on September 17, paving the way for the bourse's long-awaited listing nearly a decade after its plans to go public were stalled.

The three-day issue will close on September 21, while bidding for anchor investors will take place on September 16, according to the red herring prospectus (RHP).

The exchange is expected to announce the price band on Friday.

The IPO will now comprise an offer for sale (OFS) of up to 12.64 crore equity shares by existing shareholders, compared to 14.9 crore shares planned earlier.

The proposed OFS has been reduced from the earlier plan, bringing down the overall issue size from the initial estimate of around Rs 30,000 crore.

At an indicative price band of Rs 1,700-1,785 per share, the NSE IPO size is estimated at around Rs 21,494-22,567 crore, falling short of becoming India's largest-ever public offering, sources said.

Hyundai Motor India's Rs 27,870 crore IPO currently holds the record for the country's largest public issue.

The NSE offering, however, would surpass the Rs 21,000-crore IPO of Life Insurance Corporation of India (LIC) launched in 2022.

According to the RHP, State Bank of India (SBI) has reduced its proposed OFS to around 1.60 crore shares from 2.47 crore shares, while MS Strategic (Mauritius) Ltd has cut its offer to 1.1 crore shares from 1.6 crore shares.

Additionally, Bank of Baroda, Stock Holding Corporation of India Ltd and General Insurance Corporation of India have reduced their proposed share sale.

SBI Capital Markets Ltd is a new selling shareholder in the RHP.

Since the issue is entirely an OFS, the proceeds from the share sale will accrue to the selling shareholders and not to the NSE.

Last week, markets regulator Sebi gave clearance to NSE to proceed with its public issue.

The approval marked a major step for the exchange, whose listing plans had remained stalled for nearly a decade amid regulatory hurdles, including the co-location controversy. PTI SP ARI

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