Citi overtakes Goldman Sachs in global IPO underwriting through September
CoinGape, citing Bloomberg, says Citi passed Goldman Sachs as top global IPO underwriter through September after roles on the SpaceX, SK Hynix and NSE listings.
Why it matters
The figures concern IPO mandate share between two banks, and the ranking covers only IPO underwriting, since Goldman Sachs still leads the wider equity offerings table. The ranking reaches the desk through one crypto outlet relaying a Bloomberg report, so it rests on a single chain of reporting.
Where the sources disagree
Which bank ranks first in equity capital markets underwriting
Citi — top firm in global IPO underwriting through September
CoinGape
Goldman Sachs — top firm for equity offerings
CoinGape
CoinGape's headline says Citi overtook Goldman Sachs in IPO underwriting, while the body of the same article says Goldman Sachs remained top for the wider equity offerings measure.
Key facts
Citigroup Inc. took the top position in global IPO underwriting for the year through September, narrowly overtaking Goldman Sachs Group.
Reported by CoinGape
Bloomberg reported the ranking on October 6, according to CoinGape.
Reported by CoinGape
Goldman Sachs remained the top firm for equity offerings, a broader measure that includes block trades and follow-on share sales.
Reported by CoinGape
Citi worked on the National Stock Exchange of India's $2.4 billion listing in September, described as one of the largest deals in the country's history.
2,400,000,000 USDReported by CoinGape
Citi served as lead global coordinator on SK Hynix's $26.5 billion Nasdaq listing in July.
26,500,000,000 USDReported by CoinGape
CoinGape lists the SpaceX listing alongside the SK Hynix and NSE sales as the share sales behind Citi's rise.
Reported by CoinGape
CoinGape attributes the growth to aggressive talent recruitment and structural expansion in Citi's equity capital markets business, without figures.
Reported by CoinGape
What happened
CoinGape, citing a Bloomberg report dated October 6, says Citigroup Inc. took the top position in global IPO underwriting for the year through September, narrowly passing Goldman Sachs Group. The same article says Goldman Sachs stayed the leading firm for equity offerings, a wider category that also covers block trades and follow-on share sales. CoinGape ties Citi's advance to three large share sales: its work on the National Stock Exchange of India's $2.4 billion listing in September, its role as lead global coordinator on SK Hynix's $26.5 billion Nasdaq listing in July, and its work on the SpaceX listing, which the article groups among the biggest sales in Asia and the US. CoinGape also credits aggressive talent recruitment and structural expansion of Citi's equity capital markets business, but gives no figures for that expansion. The article's claim that the SK Hynix sale was the biggest US share sale ever by a foreign issuer sits in a sentence that is cut off in the published text, and no second outlet covered the ranking.
How the story developed
- First report
First report by CoinGape
Citi Tops Global IPO Underwriting, Overtakes Goldman Sachs After SpaceX, SK Hynix, NSE Listings
- Update
Citi passes Goldman Sachs in global IPO underwriting through September
The ranking covers the year through September; the article does not state which year.
- Update
Citi leads on SK Hynix's Nasdaq listing
Lead global coordinator on a $26.5 billion listing in July; year not stated in the article.
- Update
Citi works on the National Stock Exchange of India listing
$2.4 billion listing in September, called one of the largest deals in the country's history; year not stated.
Affected entities
Also mentioned: JPMorgan, Nasdaq
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| CoinGape Crypto media | Citi Tops Global IPO Underwriting, Overtakes Goldman Sachs After SpaceX, SK Hynix, NSE Listings | Original |
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