May 19 (Reuters) – Lincoln International said on Tuesday it has raised $421 million in its U.S. initial public offering, paving the way for one of the rare public market debuts by an investment bank.
The Chicago, Illinois-based boutique investment bank and selling stockholders sold 21 million shares in the IPO at $20 apiece, the top end of its targeted price range. That gave the company a valuation of roughly $2.04 billion.
Robust investor demand for new listings is fueling the IPO market, with AI chipmaker Cerebras Systems’ stellar debut emboldening companies to go public, although the Iran war remains a key source of volatility.
Founded in 1996, Lincoln is a mid-market-focused investment bank, advising private capital firms on selling and buying businesses, securing financing and valuing their organization or portfolio.
The firm operates through two core segments — investment banking advisory, and valuations and opinions. It has more than 30 offices across 14 countries with roughly 1,400 professionals, as of December 31.
In October, Lincoln International completed the acquisition of MarshBerry, an advisory firm serving insurance brokerage, insurance distribution and wealth management sectors. Its purchase of Spurrier Capital Partners in 2022 and TCG Corporate Finance in 2024 also expanded its M&A technology franchise.
Lincoln’s M&A advisory business focuses on private market deals valued between $250 million and $2 billion, and frequently represent private equity firms on the sale of portfolio companies.
Goldman Sachs and Morgan Stanley were the joint lead book-running managers. Lincoln will list on the New York Stock Exchange under the symbol “LCLN” on Wednesday.
(Reporting by Prakhar Srivastava in Bengaluru and Natalia Bueno Rebolledo in Mexico City; Editing by Shilpi Majumdar)
Comments