Lincoln International’s NYSE IPO jumps 12% to $23, raising $421 million

Lincoln International, a Chicago‑based boutique that advises private equity and corporations, priced its IPO at $20 per share. The firm filed with the SEC in April 2026, citing 2025 turnover of $783.8 million and profit of $214.1 million. Goldman Sachs and Morgan Stanley acted as joint lead book‑runners, with BMO Capital, Citizens Capital, Evercore ISI as additional bookrunners and several co‑managers. The offering included 21.05 million Class A shares plus a greenshoe option for up to 3.16 million extra shares, allowing underwriters to cover over‑allotments.

The stock opened at $20, rose 12% to $22.51 during the session and reached an intraday high of $23. This price implies a market capitalization of roughly $2.3 billion. Proceeds totaled about $421 million, based on an enterprise value of approximately $2 billion. Lincoln’s IPO surpasses all U.S. investment‑bank listings since Lazard’s 2005 debut, making it the largest in nearly two decades.

The strong first‑day pop reflects investor appetite for boutique advisory firms amid rising M&A activity; global advisory fees exceeded $27.6 billion in 2025 and independent consultants captured about 37% of the market. Lincoln highlighted its positioning to capture a growing share of those fees, citing recent acquisitions in insurance advisory, technology finance and capital markets. Investors will watch how the stock performs after the initial surge, especially any after‑hours movement and the execution of the greenshoe option.