CitiBank raises US$30 billion from 28 IPOs in Asia

Citi is now the leading bank for IPOs in Asia, following high-profile initial public offerings (IPOs) for firms including Zomato in India and XPeng in Hong Kong. This puts the number of IPOs led by Citi year to date to 28.

As of today, Citi has raised over US$30 billion from IPOs for clients within Asian clients. And many more firms in Hong Kong, India, Indonesia, Korea, and the Philippines continue to favor CitiBank to lead their share offerings.

“The competitive advantages of a global network and a strong local banking network across the region mean there are multiple engines driving this ECM (equity capital market) growth. In an ever more complex and complicated world, institutional clients increasingly want a global perspective,” says Jan Metzger, Citi’s Head of Banking, Capital Markets, and Advisory.

In Citi’s Q2 report for 2021, the lender registered US$3.8 billion in revenues in Asia. The lender also admitted that the revenue for H1 2021 is its highest ever recorded for equity and broader investment banking in the region.

Metzger expects the trend of growth and profitability to continue through the year, especially because of the transactions the bank has in the pipeline, which includes deals valued at close to US$5 billion from India.