Mega initial public offerings (IPOs) for the likes of Zomato in India and XPeng in Hong Kong have taken Citi to the top ranked international bank position for IPOs in Asia, having led 28 IPOs in the region year to date.

Citi has to date raised over US$30 billion from IPOs for Asian clients as more companies turn to Citi to lead their share offerings across markets such as Hong Kong, India, Indonesia, Korea and the Philippines this year.

“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 Asia-Pacific head of banking, capital markets and advisory.

Citi reported US$3.8 billion in revenues in Asia for the second quarter of 2021. The bank says it has recorded its strongest half-year for equity and broader investment banking revenues in the region on record, without giving specific numbers.

Metzger is optimistic about the rest of the year, pointing to its strong pipeline, which includes close to US$5 billion of transactions from India.

“The pipeline is as strong and as long as it has ever been and we are confident this momentum will continue. Like Citi, our global and local clients continue to see great upside in Asia,” he adds.