Mumbai: The National Stock Exchange (NSE) has filed an updated draft red herring prospectus (UDRHP) for its upcoming initial public offering (IPO) with the Securities and Exchange Board of India (Sebi), said sources familiar with the matter.The revised filing proposes cutting the IPO size to around ₹22,500-23,500 crore from the earlier plan of ₹30,000 crore, they said. The offer for sale (OFS) by existing shareholders is likely to represent around 5.25% of the exchange's paid-up capital, compared with about 6% planned earlier, three people said.NSE had earlier proposed an OFS of up to 14.89 crore shares. The number of shares on offer has now been reduced to 12.64 crore in the UDRHP filed with Sebi, people in the know said.An email sent to NSE went unanswered.Read more: Sebi proposes wider pool of MII board candidates, SOP for key officialsNSE shares were trading at around ₹2,025 in the unlisted market on Wednesday evening, according to data from UnlistedZone.NSE is targeting a launch in the third week of September, with the shares likely to list in the fourth week, people familiar with the development said. The issue is likely to open for anchor investors on September 17.At ₹30,000 crore, NSE's IPO was set to become India's largest ever, surpassing Hyundai Motor India's ₹27,870-crore issue in October 2024. With the proposed reduction in issue size, Hyundai Motor India is likely to retain the record until Jio Platforms launches its proposed ₹37,000-crore IPO, expected around the Navratri-Diwali period.