The Citizens IPO should price on Tuesday, and while flying below the radar thanks to all the hype over e-commerce superstar Alibaba, it has substantial market implications.
Tech has dominated the offering landscape so far in 2014 with $11.4 billion worth of deals—not including Alibaba, which by itself is expected to generate $22 billion—but finance has been a surprisingly close second at $11.2 billion, according to Dealogic. Total IPO deals including Alibaba have raised $67.1 billion, a 103 percent jump from 2013, according to Thomson Reuters.
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Investment banks have noticed and are flocking toward the sector. The Citizens IPO has drawn 21 underwriters, with Morgan Stanley landing the lead spot and Goldman Sachs on board to serve as joint global coordinator with Morgan, according to SNL Financial:
To lead the execution of the blockbuster deal, Citizens Financial has chosen investment banks with broad reach. Morgan Stanley not only brings a large institutional investor book but also a vast retail distribution network, while Goldman has a strong brand reputation with institutional investors.