Citigroup Tops Global IPO League Table for First Nine Months of 2026, Overtaking Goldman Sachs

Money & Banking·6 Oct 2026·

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Summary · why it matters

Citigroup has risen to become the world's number one bank for advising and underwriting initial public offerings in the first nine months of 2026, overtaking Goldman Sachs after playing a role in several large deals in both Asia and the United States. Data compiled by Bloomberg shows that Citi holds the top spot in the global IPO underwriter rankings through the end of September, edging slightly ahead of Goldman Sachs, while Goldman Sachs remains number one when looking at equity offerings overall, which includes other transactions such as block trades and follow-on offerings. One of the key deals that helped propel Citi was the listing of the National Stock Exchange of India, or NSE, on the Mumbai stock exchange in September, raising 2.4 billion dollars, one of the largest IPOs in Indian history. Citi also served as Lead Global Coordinator for the listing of SK Hynix on the Nasdaq in July, with an offering value of as much as 26.5 billion dollars, the largest ever U.S. equity offering by a foreign company, and it played a role in SpaceX's landmark IPO in June, which had an offering value of as much as 86 billion dollars. The success comes as Citi pushes ahead with expanding its investment banking team worldwide, adding dozens of senior bankers, including in the Equity Capital Markets team, which handles direct fundraising through the stock market. In the past year, Citi brought in Charlie Black from Goldman Sachs as head of Technology ECM for North America, and appointed Bernal J. Vargas III, who moved over from JPMorgan Chase, as head of ECM for North America. Citi also appointed Rob Chan as head of ECM Syndication for Asia.

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