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April 24 (Reuters) – Lincoln International filed for an initial public offering in the United States on Friday, setting the stage for the rare stock market flotation of an investment bank.
The IPO market has heated up over the past few days as concerns over a protracted Middle East conflict eased, with several big offerings pricing after a brief March lull.
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“U.S. IPO activity hasn’t been impacted from geopolitical uncertainties. This de-coupling …underlines the potential of the IPO asset class for investors and service providers,” IPOX CEO Josef Schuster told Reuters.
“A golden age for U.S. IPOs has arrived.”
The Chicago, Illinois-based company reported a net income of $214.1 million on revenue of $783.8 million in 2025, compared with net income of $163.6 million on revenue of $578.7 million a year earlier, according to the filing.
The listing would position the firm alongside boutique investment banks such as Moelis
and Houlihan Lokey
that have gone public in New York since 2010.
Founded in 1996 by Jim Lawson and Rob Barr, Lincoln International is an investment banking advisory firm that specializes in private capital markets, offering advice to buyout firms, private credit investors and privately held companies.
“We see particularly strong demand for U.S.-domiciled deals in specialty industries and believe this will positively affect the IPO of Lincoln International,” Schuster said.
Lincoln International and some of its stockholders plan to sell shares in the offering.
DEALMAKING RECOVERY
The value of global dealmaking has rebounded in recent weeks after a sharp slump following the start of the war in Iran, as boardrooms shrug off volatility and press ahead with larger deals.
Top Wall Street executives expect dealmaking to continue accelerating in 2026, underpinned by monetary easing, artificial intelligence investment and a more balanced regulatory regime in the U.S.
Lincoln International focuses on private market transactions between $250 million and $2 billion on the mergers and acquisitions advisory front.
It advised Madison Industries on the $1.95 billion sale of Madison Fire & Rescue to 3M
and Bain Capital earlier this year.
Last year, it also advised workplace pension provider Cushon on its sale to insurance broker WTW
.
Lincoln International has roughly 1,400 professionals, including 161 managing directors, in more than 30 offices across 14 countries as of the end of 2025.
In October, Lincoln International completed the acquisition of MarshBerry, an advisory firm serving the insurance brokerage, insurance distribution and wealth management sectors for more than 40 years.
Goldman Sachs and Morgan Stanley are the joint lead book-running managers for the offering.
Lincoln International will list on the New York Stock Exchange under the symbol “LCLN”.
Reporting by Arasu Kannagi Basil and Pragyan Kalita in Bengaluru; Editing by Vijay Kishore
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Basil writes stories across the U.S. finance file including banks, asset managers, payment firms, insurers, and exchange operators. He also covers initial public offerings on U.S. exchanges and venture capital funding.
