Citigroup overtakes Goldman Sachs as top global IPO underwriter
Citigroup Inc. has surpassed Goldman Sachs Group Inc. to become the leading global underwriter for initial public offerings (IPOs) through September 2026. This shift comes after Citi's involvement in several high-profile listings, including major transactions in Asia and the United States.
The bank played a significant role in the National Stock Exchange of India Ltd.'s $2.4 billion listing in Mumbai in September, one of the largest in the country's history. Citi also served as the lead global coordinator for SK Hynix Inc.'s $26.5 billion Nasdaq listing in July, marking the biggest-ever US share sale by a foreign company. Additionally, Citi participated in SpaceX’s historic $86 billion IPO in June.
Despite Citi's lead in IPO underwriting, Goldman Sachs remains the top underwriter for broader equity offerings, which include block trades and follow-on share sales. Citi has been expanding its investment banking team, adding senior bankers globally, including Charlie Black from Goldman as head of North America technology ECM and Bernal J. Vargas III from JPMorgan Chase & Co. as head of ECM in North America. Rob Chan was also named head of ECM syndication in Asia.