The National Stock Exchange of India (NSE) has reached a critical milestone in its decade-long journey toward a public listing. On Thursday, February 12, 2026, the exchange officially appointed Rothschild & Co as its independent advisor. This appointment is a strategic move to streamline the highly anticipated Initial Public Offering (IPO). Rothschild will lead the selection of investment bankers, legal counsel, and other key intermediaries. Their role also includes managing stakeholder communication and ensuring information parity as the exchange prepares for what could be India’s largest-ever market debut. Valuation and Market Impact The NSE is currently commanding a massive presence in the unlisted market. As of February 2026, the exchange is valued at approximately **₹5.27 lakh crore** ($63 billion). Unlisted shares are currently trading near **₹2,130** per share, reflecting strong investor confidence. The IPO is expected to be an Offer for Sale (OFS), where existing shareholders plan to divest between **4% and 4.5%** of their equity. Based on current valuations, this could raise roughly **₹22,500 crore** ($2.5 billion). Major institutional shareholders poised to participate in the stake sale include: * **Life Insurance Corporation of India (LIC):** 10.7% stake * **Aranda Investments (Temasek):** 4.5% stake * **State Bank of India (SBI):** 3.23% stake * **Stock Holding Corporation of India:** ~4% stake Regulatory Momentum The path to listing cleared significantly following a No-Objection Certificate (NOC) from the Securities and Exchange Board of India (SEBI) on January 30, 2026. This followed years of delay due to the co-location case, which the exchange recently resolved through a **₹1,388 crore** settlement. To manage the transition, the NSE board has reconstituted its IPO Committee. The group is chaired by non-independent director Tablesh Pandey and includes CEO Ashishkumar Chauhan. Estimates suggest the shares could hit the primary market within the next **7 to 8 months**. Financial Performance The exchange continues to demonstrate robust operational growth. In the latest financial reports for FY2025, the NSE reported: * **Revenue from Operations:** ₹17,140 crore (up 28% YoY) * **Profit After Tax:** ₹12,187 crore (up 27% YoY) * **Operating Profit Margin:** 75% As the world's largest derivatives exchange by volume, the NSE services over **11.3 crore** unique investors. Its listing comes at a time of market strength, with the Nifty 50 recently closing at **25,935**, hovering just below the psychological **26,000** milestone.