Citi edges past Goldman Sachs as strong activity in Asia and the US lifts its position in the global IPO league tables
Citigroup has emerged as the world's leading underwriter of initial public offerings (IPOs) through September 2026, moving ahead of Goldman Sachs as activity in global equity markets remained strong.
According to Bloomberg-compiled data, Citi narrowly led Goldman Sachs in the global IPO underwriting rankings for the year through September. Goldman Sachs, however, retained the top position when a broader measure of equity capital-market activity is considered, including block trades and follow-on share sales.
The rankings highlight the intense competition among global investment banks for major equity offerings as companies increasingly return to public markets to raise capital and provide liquidity to existing shareholders.
Major IPOs Strengthen Citi's Position
Citi's leading position has been supported by its involvement in several high-profile transactions across Asia and the United States.
One of the most significant deals was the $2.4 billion listing of the National Stock Exchange of India (NSE) in Mumbai in September. The offering ranked among the largest listings in India's history and provided Citi with a prominent role in one of the country's most closely watched capital-market transactions.
Citi also served as lead global coordinator for SK Hynix's $26.5 billion Nasdaq listing in July. The transaction was the largest-ever US share sale by a foreign company, further strengthening Citi's position in the global equity-underwriting market.
The bank was also involved in SpaceX's landmark $86 billion IPO in June, another transaction that attracted significant attention from international investors.
Goldman Sachs Remains a Major Force
Although Citi currently leads the IPO rankings, Goldman Sachs remains one of the strongest players in global equity capital markets.
Goldman ranked first globally when equity offerings are measured more broadly, with the category covering IPOs as well as block trades and follow-on offerings.
The distinction between the two rankings reflects the different strengths of the investment banks. While Citi has benefited from several exceptionally large IPO mandates, Goldman continues to have a powerful presence across the wider equity-financing market.
Citi Expands Equity Capital Markets Team
Citi's stronger position in IPO underwriting comes as the bank continues to expand its investment-banking operations.
The US lender has recruited several senior investment bankers in different regions, with particular attention being given to its equity capital markets business.
Last year, Citi hired Charlie Black from Goldman Sachs to lead North American technology equity capital markets. It also brought in Bernal J. Vargas III from JPMorgan Chase to head its North American ECM operations.
In Asia, Citi appointed Rob Chan as head of equity capital markets syndication, strengthening its ability to compete for major transactions in one of the world's most active IPO regions.
Asia Becomes Increasingly Important
Asia has emerged as an important source of large equity transactions as companies in India, China, South Korea and other major economies seek access to public capital markets.
India in particular has become a major destination for global investment banks as domestic companies tap public markets to fund expansion and existing shareholders seek liquidity.
The NSE listing was an important milestone for India's capital markets and demonstrated the scale of transactions global banks are now competing to manage in the country.
The strong pipeline of Indian IPOs has also created opportunities for international banks with established distribution networks and relationships with global institutional investors.
Global IPO Market Regains Momentum
The strong performance of Citi and Goldman Sachs comes against a backdrop of renewed activity in global IPO markets.
Companies have increasingly looked to public listings as equity markets have become more receptive to new issues. Large technology, semiconductor, financial and consumer companies have attracted substantial investor interest, creating opportunities for investment banks across underwriting, advisory and distribution.
Large IPOs can be particularly valuable for investment banks because they generate underwriting fees while also creating opportunities for follow-on transactions, research coverage and relationships with institutional investors.
Competition for Large Deals Intensifies
The competition between global investment banks is likely to remain intense as companies prepare to tap equity markets.
JPMorgan, Morgan Stanley, Bank of America and other major financial institutions continue to compete aggressively for mandates alongside Citi and Goldman Sachs.
For banks, securing a leading position in IPO underwriting is not only a matter of fee income. Large transactions can strengthen relationships with corporate clients and provide access to future capital-market mandates.
The ability to distribute large share offerings among global institutional investors has also become increasingly important as IPO sizes grow.
India Gains Importance in Global Capital Markets
The NSE listing has particular significance for India because it demonstrates the increasing scale and sophistication of the country's equity markets.
India has witnessed strong growth in retail participation, institutional investment and public-market fundraising. A deeper IPO pipeline could provide further opportunities for domestic and international investment banks.
For global banks, India's expanding capital-market ecosystem offers opportunities across IPO underwriting, mergers and acquisitions, follow-on offerings, block deals and other equity transactions.
Outlook for Investment Banks
Citi's lead in global IPO underwriting through September reflects its success in winning several landmark transactions during 2026. Its involvement in the NSE, SK Hynix and SpaceX deals has helped it establish a strong position in the year's IPO league tables.
Goldman Sachs, meanwhile, remains the broader equity-capital-markets leader when follow-on offerings and block transactions are included.
With companies continuing to evaluate public listings and investors showing appetite for high-quality new issues, competition among global investment banks is expected to remain strong through the final months of the year. The final league tables will depend on the size and timing of additional IPOs and other equity offerings completed before the end of 2026.