Lincoln International IPO Jumps 12% to $22.51, Raising $421 Million

Context The Chicago‑based boutique investment bank listed on the New York Stock Exchange on May 20, joining a short list of U.S. banks to go public since Lazard’s 2005 IPO. The offering came after the firm reported 2025 revenue of $783.8 million and profit of $214.1 million, figures that underscored its growth in the mid‑market M&A space.

Key Facts - Shares were priced at $20 each, representing a $2 billion enterprise value. The opening price jumped 12% to $22.51 and peaked at $23, pushing the market capitalization to roughly $2.3 billion. - The IPO sold 21.05 million Class A shares, with a greenshoe option for an additional 3.16 million shares, generating about $421 million in proceeds. - Goldman Sachs & Co. and Morgan Stanley acted as joint lead book‑runners; BMO Capital Markets, Citizens Capital Markets and Evercore ISI were book‑runners, while Keefe, Bruyette & Woods, Stifel and Wolfe | Nomura served as co‑managers. - Lincoln’s filing highlighted that global M&A advisory fees have more than doubled since 2000 to $27.6 billion in 2025, and independent consultants now hold about 37% of the market, up from a third of that share a decade ago. - The firm’s 1,400 professionals operate from 30 offices in 14 countries, advising private‑equity investors and corporations on transactions ranging from $100 million to $5 billion.

What It Means Lincoln’s strong debut reflects robust demand for mid‑market advisory services as private‑equity capital expands and liquidity pressures drive deal activity. The firm’s valuation places it alongside other listed boutiques such as Moelis and Houlihan Lokey, which have posted double‑digit revenue growth since their IPOs. With M&A fees projected to keep rising, Lincoln is positioned to capture a larger slice of a market where independent advisors now command a third of total fees.

Looking Ahead Investors will watch Lincoln’s post‑IPO performance, the execution of its greenshoe option, and how the firm leverages recent acquisitions to broaden its technology and insurance advisory franchises.