Lincoln International aims for an IPO, a rare move for an investment bank, on US markets

Lincoln International filed for a public listing in the US on Friday, paving the way for a rare IPO for an investment bank. The IPO market has been active in recent days, with fears of prolonged conflict in the Middle East easing and several major offerings being listed after a brief lull in March.

The company, based in Chicago, Illinois, reported a net income of $214.1 million on revenue of $783.8 million in 2025, compared to a net income of $163.6 million on revenue of $578.7 million in the previous year. This listing would position Lincoln International alongside niche investment banks such as Moelis and Houlihan Lokey, which have been listed on the New York Stock Exchange since 2010.

Founded in 1996, Lincoln International specializes in private capital markets and provides advice to acquisition companies, private credit investors, and unlisted companies. The company and some of its shareholders plan to sell shares as part of this offering.

Global transaction values have rebounded in recent weeks after a sharp decline following the start of the war in Iran, as boardrooms continue with large-scale transactions despite market volatility. Wall Street leaders expect merger and acquisition advisory activity to increase in 2026, supported by monetary easing, investments in artificial intelligence, and a more balanced regulatory environment in the US.

Lincoln International focuses on private market transactions ranging from $250 million to $2 billion in the mergers and acquisitions advisory field. In recent years, the company has advised on significant deals, such as the sale of Madison Fire & Rescue to 3M and Bain Capital for $1.95 billion earlier this year.

By the end of 2025, Lincoln International had around 1,400 professionals, including 161 managing directors spread across more than 30 offices in 14 countries. In October, the company completed the acquisition of MarshBerry, a consultancy serving the insurance brokerage, insurance distribution, and wealth management sectors for over 40 years.

Goldman Sachs and Morgan Stanley are the lead underwriters for the IPO. Lincoln International will be listed on the New York Stock Exchange under the symbol “LCLN.”