Citi Dethrones Goldman in the Year’s Most-Watched IPO Derby 🏦

Citigroup Inc. has overtaken Goldman Sachs Group to claim the top position in global IPO underwriting for the year through September, according to a Bloomberg report dated October 6. The shift comes after Citi acted on several of the largest share sales in Asia and the United States, including assignments tied to SpaceX, SK Hynix and the National Stock Exchange of India (NSE). Goldman Sachs, however, retained the top ranking for overall equity offerings, a broader category that also captures block trades and follow-on share sales.

Citi’s rise was driven in large part by three high-profile mandates. The bank worked on NSE’s $2.4 billion listing in September, one of the largest share sales in India’s history. It also served as a lead global coordinator on SK Hynix’s $26.5 billion offering and participated in SpaceX’s share-sale transaction, deals that helped push Citi ahead of its rival in the league tables. The bank has aggressively expanded its equity capital markets (ECM) business, recruiting senior bankers from competitors and restructuring coverage teams to win mandates on bigger transactions.

The competition between the two U.S. banks has intensified as global IPO markets have shown renewed activity in 2025. Citi’s strategy has combined aggressive hiring with structural expansion across its ECM operations, positioning the firm to capture a larger share of marquee deals. Goldman Sachs, while conceding the IPO-specific ranking, continues to lead in total equity issuance volume, underscoring the narrow distinction between underwriting IPOs and underwriting the broader equity capital stack.

Bankers and analysts cited by Bloomberg noted that the league table rankings can swing quickly based on a handful of multi-billion-dollar transactions, and that the final year-end standings will depend on remaining deal flow in the fourth quarter. Both firms are expected to remain dominant participants in cross-border listings as issuers pursue opportunities across U.S. and Asian markets. No quotes from either firm were provided in the source material.