Citigroup ranked first in global IPO underwriting for the year through September 2026, narrowly ahead of Goldman Sachs, according to league-table data compiled by Bloomberg. Goldman led a broader measure of equity offerings that also counts block trades and follow-on share sales, so the two rankings are not contradictory.
Who led global IPO underwriting through September 2026?
Citi held the top spot in the global initial public offering (IPO) underwriting league table through September, with Goldman Sachs just behind it. The ranking was reported by Manuel Baigorri for Bloomberg in an article republished by The Edge Malaysia on October 6, 2026. It covers activity through September, not the full year.
The report does not give the banks’ proceeds totals, the size of Citi’s lead, or a detailed explanation of Bloomberg’s league-table methodology. It supports a narrow lead, but not a claim that Citi was far ahead.
Why does Goldman rank first in another equity measure?
The broader global equity-offerings category includes IPOs as well as block trades and follow-on share sales. Goldman Sachs ranked first in that measure, while Citi led the IPO-only table.
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- IPO
- Practising Law Institute
| Measure | What it covers | Reported leader through September 2026 |
|---|---|---|
| Global IPO underwriting | Initial public offerings | Citi, just ahead of Goldman Sachs |
| Global equity offerings | IPOs, block trades, and follow-on share sales | Goldman Sachs |
What deals did the report cite?
The Bloomberg report pointed to three large offerings involving Citi. The bank’s described role differed from deal to deal; the examples do not mean Citi was the lead underwriter on all three.
- National Stock Exchange of India: The report described the NSE’s September Mumbai listing as a US$2.4 billion offering and one of the country’s largest listings.
- SK Hynix: Citi was lead global coordinator for the company’s US$26.5 billion Nasdaq listing in July. The report characterized it as the biggest-ever US share sale by a foreign company.
- SpaceX: Citi had a role in the company’s US$86 billion IPO in June. The report did not identify Citi as the sole underwriter or lead coordinator.
The figures and deal descriptions above are those stated in Baigorri’s Bloomberg report republished by The Edge Malaysia in 2026; it does not cite separate issuer or exchange sources for them.
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What does Citi’s staffing activity tell us?
The report also said Citi had been adding senior investment bankers globally, including in equity capital markets (ECM). It named Charlie Black, hired from Goldman Sachs as North America technology ECM head; Bernal J. Vargas III, hired from JPMorgan Chase as head of ECM in North America; and Rob Chan, named head of ECM syndication in Asia.
Those appointments provide organizational context, but the report does not establish that the hires caused Citi’s position in the IPO league table.
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