Citi overtakes Goldman Sachs in global IPO underwriting

Key facts

• Citi has overtaken Goldman Sachs as the top global IPO underwriter through September.
• Citi was involved in the $2.4 billion listing of the National Stock Exchange of India.
• Citi was lead global coordinator for SK Hynix's $26.5 billion Nasdaq listing.
• Citi participated in SpaceX's $86 billion offering in June.
• Goldman Sachs remained the leader in broader equity offerings, including block trades and follow-ons.

Citigroup Inc. has claimed the top position in global IPO underwriting for the year through September, narrowly overtaking Goldman Sachs Group, according to a report by Bloomberg on October 6. Goldman Sachs, however, maintained its lead in broader equity offerings, which include block trades and follow-on share sales.

Citi's ascent is attributed to its roles in several high-profile share sales. The bank worked on the National Stock Exchange of India's $2.4 billion listing in September, one of the largest deals in the country's history. It also served as lead global coordinator for SK Hynix's $26.5 billion Nasdaq listing in July, which was the largest U.S. share sale ever by a foreign company. Additionally, Citi played a book-running role in SpaceX's June offering, a deal that raised approximately $86 billion and stands as the largest IPO on record. Some of these recent IPOs were reportedly fueled by demand for semiconductor capacity linked to artificial intelligence infrastructure.

While Goldman Sachs and Morgan Stanley were the primary underwriters for the SpaceX IPO, Citi's participation contributed significant volume. The bank has also been expanding its equity capital markets business through talent recruitment, hiring senior investment bankers globally, including Charlie Black from Goldman and Bernal J. Vargas III from JPMorgan Chase & Co. for its North America ECM roles, and Rob Chan as head of ECM syndication in Asia.