Citi Tops Global IPO Underwriting, Overtakes Goldman Sachs After SpaceX, SK Hynix, NSE Listings
Highlights
- Citi becomes the top firm in global IPO underwriting, surpassing Goldman Sachs.
- Bank's role in SpaceX, SK Hynix, and the National Stock Exchange of India (NSE) listings played key role.
- Citi's aggressive talent recruitment and structural expansion in its equity capital markets (ECM) business drove growth.
Citi has overtaken Goldman Sachs to become the top firm in global IPO underwriting through September. The move follows listings such as SpaceX, SK Hynix, and the National Stock Exchange of India (NSE), some of the biggest share sales in Asia and the US.
Citi Tops Global IPO Underwriting Rankings Through September
Citigroup Inc. has claimed the top position in global IPO underwriting for the year through September, narrowly overtaking Goldman Sachs Group, Bloomberg reported on October 6. However, Goldman Sachs remained the top firm for equity offerings, a broader measure that also includes deals such as block trades and follow-on share sales.
The paradigm shift follows the bank’s roles in major share sales across Asia and the United States. Citi’s advance rests on three high-profile IPOs.
It 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 on SK Hynix’s $26.5 billion Nasdaq listing in July, the biggest U.S. share sale ever by a foreign company.
Citi also played a book-running role on SpaceX’s June offering, which raised about $86 billion and stands as the largest IPO on record. Some of the recent IPOs were fueled by demand for semiconductor capacity tied to artificial intelligence (AI) infrastructure.
While Goldman Sachs and Morgan Stanley were the two leading underwriters for SpaceX IPO, Citi’s participation still contributed meaningful volume. Citi thinks SpaceX stock could hit a $12 trillion valuation one day.
Team and Business Expansions
Citigroup’s rise to the top of global IPO underwriting is also driven by aggressive talent recruitment and structural expansion in its equity capital markets (ECM) business.
The bank has hired many senior investment bankers globally. Last year, Citi hired 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. It also named Rob Chan as head of ECM syndication in Asia.
Citigroup is also expanding into other areas, especially crypto and blockchain. Citi plans to launch digital asset custody later this year, starting with Bitcoin.
Also, Citi raised its Bitcoin target to $113,000 and its Ethereum target to $3,028 for the next 12 months. The bank expects about $5 billion in crypto inflows, supported by a gradual return of ETF and institutional demand.
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