New Delhi, Aug. 25 -- Two of the biggest IPOs this year-at the opposite ends of the world and equally dissimilar in nature-point to the contrast between the corporate ecosystems of India and the US.

The National Stock Exchange is expected to hit the market in September in what could be India's largest-ever IPO, potentially raising around Rs.30,000 crore. In the US, Anthropic PBC, the AI company behind Claude, is reportedly considering an IPO that could value it at around $2 trillion, which would make it the largest IPO in US history.

NSE, India's largest exchange, is a three-decade-old institution whose fortunes have grown with the extraordinary expansion of India's capital markets. Highly profitable, its IPO is essentially the final st...