Citigroup has taken the top spot among global IPO underwriters for the year through September, narrowly edging out Goldman Sachs. According to Bloomberg data reported by Business Standard, Citi worked on some of the biggest share sales in Asia and the US. It finished just ahead of Goldman in the league tables.
The Mega Deals Behind Citi's Rise
- SpaceX (June): Citi had a role in the $86 billion IPO, a historic deal.
- SK Hynix (July): Citi was lead global coordinator on the company's $26.5 billion Nasdaq listing. It was the biggest US share sale ever by a foreign company.
- National Stock Exchange of India (September): Citi worked on the $2.4 billion Mumbai listing, one of the largest in the country's history.
Goldman Still Leads a Broader Measure
Goldman Sachs remains the top underwriter of global equity offerings. That broader measure also includes block trades and follow-on share sales. Citi's lead covers IPOs only, so the picture depends on which league table you read.
How Citi Built Its Equity Franchise
Citi has been adding dozens of senior investment bankers worldwide, including in equity capital markets. Last year it hired Charlie Black from Goldman as head of North America technology ECM, and Bernal J. Vargas III from JPMorgan Chase. It also named Rob Chan head of ECM syndication in Asia.
What Could Come Next
Bloomberg has reported that Anthropic plans to invite Citi to join the core underwriting team for its own planned IPO, alongside Morgan Stanley, Goldman Sachs and JPMorgan. That report was published weeks ago and no deal has been confirmed.
The year-end ranking is not settled. Large listings in the final months could decide whether Citi keeps the lead or Goldman takes it back.
Key Takeaways
- Citi leads global IPO underwriting for January to September 2026, just ahead of Goldman.
- Goldman leads the broader equity offerings ranking.
- SpaceX, SK Hynix and NSE India were among the deals that lifted Citi.