National Stock Exchange of India (NSE) has cut the size of its proposed initial public offering (IPO) offer for sale (OFS) by around 15%, with several shareholders scaling back the number of shares they plan to sell, according to the red herring prospectus (RHP) filed on September 10.The total OFS has now been reduced to up to 12.64 crore shares, from the 14.89 crore shares proposed in the UDRHP. This represents a reduction of around 2.25 crore shares.The entire cut came from eight sellers. MS Strategic (Mauritius) reduced its offer by 0.50 crore shares, while Stock Holding Corporation of India cut its proposed sale by 0.47 crore shares. General Insurance Corporation of India lowered its offer by 0.45 crore shares, followed by Bank of Baroda with a reduction of 0.33 crore shares and National Insurance Company with a cut of 0.20 crore shares.Also read: NSE IPO price band for Rs 22,561-crore offer announced! Check key dates, other important detailsMahagony Limited reduced its proposed sale by 0.20 crore shares, while Indian Bank cut its offer by 0.10 crore shares. Individual shareholder Amit Kumar Lohia, meanwhile, withdrew from the OFS entirely, removing 25,000 shares from the proposed sale.In contrast, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) and TA Asia Pacific Acquisitions retained their proposed sale quantities unchanged.NSE IPO price band announcedThe National Stock Exchange (NSE) has set the price band for its much-awaited IPO, which will open for subscription on Thursday, September 17, and close on Monday, September 21.The exchange fixed the IPO price band at Rs 1,700 to Rs 1,785 per share, with each share carrying a face value of Rs 1. The lot size has been set at eight shares, meaning retail investors will need to invest a minimum of Rs 14,280 to bid for one lot. Further bids must be made in multiples of eight shares.Retail investors have been allocated 35% of the issue, while 50% has been reserved for eligible institutional bidders (QIBs). The remaining portion will be available to non-institutional investors (NIIs).At the upper end of the price band, the NSE IPO will be valued at Rs 22,561.57 crore, making it the second-largest IPO in Indian history. At this price, NSE will have a market capitalisation of Rs 4.41 lakh crore. Eligible employees participating in the IPO will receive a discount of Rs 170 per share.Read more: Are NSE unlisted shareholders staring at losses? Here's what IPO pricing indicatesNSE shares will list on the Bombay Stock Exchange. Allotment for eligible shareholders is scheduled to be determined by September 22, while the shares are expected to be credited to the demat accounts of eligible shareholders on September 23.When will NSE shares list?The shares will list on the bourses on September 24.Kotak Capital, JM Financial, Morgan Stanley India, Citigroup, HSBC Securities, JPMorgan India, SBI Capital, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital, IIFL Capital, Motilal Oswal, Nuvama Wealth, Pantomath Capital and 360 ONE WAM are the book running lead managers for the IPO.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)