The National Stock Exchange of India (NSE) has intensified its march toward a public listing, inviting major investment banks to pitch for key roles. Under the guidance of Rothschild & Co., the exchange is reviving its long-awaited IPO following a significant regulatory breakthrough in early 2026. Market analysts estimate the potential IPO size at approximately 21,000 to 24,500 crore INR. This valuation is based on a projected 5% dilution of existing shares. The issue is expected to be a pure Offer for Sale (OFS), meaning current shareholders will liquidate parts of their holdings without new capital being raised for the exchange itself. Recent secondary market data indicates robust investor interest. Unlisted shares of the NSE are currently trading in the range of 1,950 to 2,050 INR per share. This translates to an implied market capitalization of nearly 4.95 lakh crore INR, reflecting a valuation multiple of roughly 55 times price-to-earnings. The timing of this revival coincides with a period of high activity in the Indian equity markets. As of late February 2026, the Nifty 50 remains resilient near the 25,500 level, while the BSE Sensex trades around 82,400. Total market capitalization of all companies listed on the NSE recently surpassed 460 lakh crore INR, reinforcing the exchange's dominant position. The shareholder base of the NSE is the largest for any unlisted entity in India, with nearly 1.9 lakh investors. Institutional giants such as LIC (10.7%), Temasek (4.5%), and SBI (3.2%) hold significant stakes. The exchange continues to dominate the derivatives segment, which serves as its primary revenue engine. Despite past governance hurdles and regulatory probes, the report of a key clearance from the market regulator in January 2026 has shifted the narrative. Management now targets a formal listing by the end of 2026, subject to final approvals. Investors are closely monitoring the impact of increased Securities Transaction Tax (STT) on derivatives volumes. However, the resilient pricing in the unlisted market suggests that the structural dominance of the NSE remains the primary driver for its upcoming public debut.