Citigroup (Citi) ranked first in global IPO underwriting for the year through September 2026, just ahead of Goldman Sachs, according to Bloomberg-compiled league-table data reported by Manuel Baigorri and republished by The Edge Malaysia on October 6. The ranking is for IPOs only: Goldman led the broader global equity-offerings category.
How the two rankings differ
The distinction is the type of share sale counted. The IPO league table measures initial public offerings; the broader equity-offerings measure also includes block trades and follow-on share sales. The Bloomberg-reported leaders therefore differ by category:
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| Measure | Reported leader through September 2026 | What it covers |
|---|---|---|
| Global IPO underwriting | Citigroup, just ahead of Goldman Sachs | Initial public offerings |
| Global equity offerings | Goldman Sachs | IPOs, block trades and follow-on share sales |
The report does not publish the exact proceeds credited to either bank, the size of Citi’s lead, a complete ranking by proceeds, or detailed calculation methodology. “Just ahead” is the only characterization of the margin supported by the report; it does not establish a substantial gap.
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The report points to three large offerings involving Citi, but describes different roles for the bank in each. The stated transaction values and characterizations below are from Baigorri’s Bloomberg report republished by The Edge Malaysia in 2026; the report does not cite separate primary issuer or exchange sources for these figures.
#1 Best Overall
- National Stock Exchange of India: The report describes 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 on the company’s US$26.5 billion Nasdaq listing in July. The report calls it 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 does not specify that Citi was the sole underwriter or lead coordinator.
These examples illustrate Citi’s involvement in major offerings, but they do not mean it led every deal listed or explain how much each transaction contributed to the league-table result.
What the report says about Citi’s team
Baigorri also reported that Citi had been adding senior investment bankers globally, including in equity capital markets (ECM). The named appointments were 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. The report presents these hires as staffing context, not as a demonstrated cause of Citi’s ranking.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the ranking does—and does not—show
The result is a year-to-date league-table snapshot through September 2026, not a full-year ranking or a statement about which bank leads after that cutoff. The central claim comes from a single Bloomberg report republished by The Edge Malaysia; repeated versions of that report are not independent confirmation. With no published proceeds totals or detailed methodology in the report, readers can identify the leader and the category distinction, but cannot independently calculate the lead from the figures provided.
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