Goldman Sachs’ share of IPO market dips in 2003

GOLDMAN Sachs Group Inc., the number one underwriter of equities worldwide during the past five years, lost market share in 2003 in the weakest year for initial public offerings in more than a decade.

Goldman, led by chief executive Henry Paulson, 57, had 11.7% of this year’s $209 billion market for IPOs and stock sales by companies that are already traded. That’s down from 14.3% in 2002 and 16% in 2001, data compiled by Bloomberg show.

Citigroup Inc., the world’s biggest financial services company, closed the gap in market share with Goldman, the third-largest securities firm by capital, to 0.5 percentage point from 5.3 percentage points two years ago.