Citigroup Inc. took the top spot for underwriters in global initial public offerings for the year through September. The bank got ahead of Goldman Sachs after working on mega deals like the National Stock Exchange of India listing. Citi also hired many senior bankers to help lead these big sales.
Citigroup Inc. took top spot for underwriters in global initial public offerings for the year through September after working on some of the biggest share sales in Asia and the US.
Citi was just ahead of Goldman Sachs Group Inc. in the league tables, according to data compiled by Bloomberg. Goldman was the top underwriter globally for equity offerings, a broader measure that also includes deals such as block trades and follow-on share sales, the data show.
Citi worked on transactions including National Stock Exchange of India Ltd.’s $2.4 billion listing in Mumbai in September, one of the biggest in the country’s history. It was lead global coordinator on SK Hynix Inc.’s $26.5 billion Nasdaq listing in July, the biggest-ever US share sale by a foreign company. It also had a role on SpaceX’s historic $86 billion IPO in June.
The US lender has been adding dozens of senior investment bankers globally, including for its equity capital markets business. 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.