Citi Tops Global IPO Underwriting, Overtakes Goldman Sachs in 2026

Citigroup Inc. has claimed the top position in global IPO underwriting for the year through September 2026, narrowly overtaking Goldman Sachs Group, according to Bloomberg data released October 6. The achievement rests on three landmark transactions: the National Stock Exchange of India’s $2.4 billion listing in September, SK Hynix’s $26.5 billion Nasdaq listing in July, and a role in SpaceX’s record $86 billion IPO in June. Citi’s aggressive hiring of senior investment bankers globally has bolstered its equity capital markets division.

How Citi edged past Goldman Sachs

Citigroup worked on the National Stock Exchange of India’s $2.4 billion listing in September, one of the largest deals in the country’s history. It served as lead global coordinator on SK Hynix’s $26.5 billion Nasdaq listing in July, the biggest U.S. share sale ever by a foreign company. Citi also played a book-running role on SpaceX’s June offering, which raised $86 billion and stands as the largest IPO on record.

Goldman Sachs remained the top underwriter for equity offerings, a broader measure that includes block trades and follow-on share sales. However, Citi’s dominance in pure IPO volume gave it the edge in the narrower league table.

Why semiconductor deals fueled the surge

Demand for semiconductor capacity tied to artificial intelligence infrastructure drove several of Citi’s major transactions. SK Hynix’s $26.5 billion listing in particular benefited from investor appetite for chip companies supporting AI expansion. These high-profile deals showcased Citi’s ability to manage large-scale equity financing across multiple continents.

Citi’s talent expansion strategy

The bank has hired dozens of senior investment bankers globally to strengthen 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 as head of ECM in North America. The bank also named Rob Chan as head of ECM syndication in Asia. This aggressive recruitment reflects Citi’s strategic push to compete for the largest deals.

What the data says about Citi stock

Citigroup trades at $128.52 with a Meyka grade of B+ and a 12-month price target of $154.55, suggesting 20% upside. Three analysts rate the stock a buy, with consensus bullish. However, the RSI sits at 38.58, indicating oversold conditions, while the stock trades 1.03 times book value. The dividend yield stands at 1.92%, supported by a 30% payout ratio.

Final Thoughts

Citi’s ascent to the top of global IPO underwriting reflects both major deal flow and strategic talent investment. With a B+ grade and analyst consensus buy, the stock offers value for investors betting on continued investment banking strength.

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