Lincoln International filed its paperwork on Friday for an initial public offering (IPO) in the United States, paving the way for a rare listing for an investment bank.
The IPO market has warmed up in recent days as fears of prolonged conflict in the Middle East have subsided, with several major operations priced after a brief lull in March.
“The IPO activity in the United States has not been affected by geopolitical uncertainties. This decoupling… highlights the potential of the IPO asset class for investors and service providers,” said Josef Schuster, CEO of IPOX, to Reuters.
“A golden age for American IPOs has arrived.”
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 registration document.
This listing would position the firm alongside boutique investment banks such as Moelis and Houlihan Lokey, which have been listed on the New York Stock Exchange since 2010.
Founded in 1996 by Jim Lawson and Rob Barr, Lincoln International is an investment banking advisory firm specializing in private capital markets, advising private equity funds, private debt investors, and unlisted companies.
“We see particularly strong demand for U.S.-domiciled transactions in specialized sectors and believe this will benefit Lincoln International’s IPO,” added Mr. Schuster.
Lincoln International and some of its shareholders plan to sell shares in the offering.
RESUMPTION OF MERGERS AND ACQUISITIONS
Global transaction value has rebounded in recent weeks following a sharp decline at the start of the war in Iran, as corporate managements ignored volatility to carry out larger operations.
Wall Street’s top executives expect the pace of transactions to continue to accelerate in 2026, supported by monetary easing, investments in artificial intelligence, and a more balanced regulatory framework in the United States.
Lincoln International focuses on private market transactions ranging from $250 million to $2 billion in the mergers and acquisitions (M&A) advisory sector.
It advised Madison Industries on the sale of Madison Fire & Rescue to 3M and Bain Capital for $1.95 billion earlier this year.
Last year, it also advised corporate retirement provider Cushon on its sale to insurance broker WTW.
Lincoln International has around 1,400 professionals, including 161 Managing Directors, spread across more than 30 offices in 14 countries by the end of 2025.
In October, Lincoln International completed the acquisition of MarshBerry, a consulting firm serving the insurance brokerage, insurance distribution, and wealth management sectors for over 40 years.
Goldman Sachs and Morgan Stanley are acting as joint bookrunners for the operation.
Lincoln International will be listed on the New York Stock Exchange under the symbol ‘LCLN’.
