Lincoln International filed for an initial public offering in the United States on Friday, paving the way for a rare stock market move for an investment bank.
The IPO market has seen increased activity recently, with fears of prolonged conflict in the Middle East easing and several major deals being listed after a brief lull in March.
“The IPO activity in the United States has not been affected by geopolitical uncertainties. This separation … underscores the potential of the IPO asset class for investors and service providers,” said Josef Schuster, CEO of IPOX, in a statement to Reuters.
The Chicago-based company reported a net income of $214.1 million on revenue of $783.8 million in 2025, up from a net income of $163.6 million on revenue of $578.7 million the previous year, according to the filing.
Founded in 1996, Lincoln International specializes in private capital markets, providing advice to acquisition companies, private credit investors, and non-public companies.
“We see particularly strong demand for U.S.-based operations in specialized sectors and believe this will have a positive impact on Lincoln International’s IPO,” Schuster added.
The company and some of its shareholders plan to sell shares in the offering.
Global transaction values have rebounded in recent weeks after a sharp drop following the start of the war in Iran, as boardrooms disregard volatility and continue large-scale transactions.
Wall Street executives expect M&A advisory activity to accelerate in 2026, supported by monetary easing, investments in artificial intelligence, and a more balanced regulatory regime in the United States.
Lincoln International focuses on private market transactions ranging from $250 million to $2 billion in the M&A advisory space.
In 2025, they advised on Madison Industries’ sale of Madison Fire & Rescue to 3M and Bain Capital for $1.95 billion.
Last year, they also advised corporate retirement provider Cushon on its sale to insurance broker WTW.
At the end of 2025, Lincoln International had around 1,400 professionals, including 161 managing directors, across over 30 offices in 14 countries.
In October, they 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 is set to be listed on the New York Stock Exchange under the symbol “LCLN”.
