Business
21M shares, $421M raised: Lincoln International makes NYSE debut
Lincoln International raised $421 million in its New York listing as global IPO activity showed signs of recovery in 2026. The advisory firm reported higher annual revenue and profit before its market debut, joining a broader return of financial and technology-related listings after a slower period for public offerings.
Lincoln International raised $421 million in its IPO as improving market conditions supported renewed public listings and stronger investor interest in financial and advisory firms.
Key Highlights
- Lincoln International raised $421 million after pricing shares at the top of its range.
- The IPO valued the advisory firm at approximately $2.04 billion before trading began.
- Revenue rose to $783.8 million in 2025, according to the company’s SEC filing.
- The company operates across 14 countries, including Australia, India, Japan, and the UK.
Lincoln International raised $421 million in its IPO by selling 21 million shares at the top of its IPO range, at $20 apiece, according to filings and reports from Reuters. The valuation of the advisory firm is estimated at about $2.04 billion before it goes public on the New York Stock Exchange under the ticker “LCLN.”
The offering follows a slow 2024 in equity markets for public listings and a slowdown in mergers and acquisitions activity. Despite the ongoing volatility in the market, new listings have again captured the investor interest, this time from technology, financial services, and artificial intelligence (AI) related firms.
In this section, the mid-market sector is given back the focus it deserves.
Lincoln International specializes in advising corporations and private equity companies regarding mergers, financing, restructuring and valuations, primarily in middle market transactions. The company has established a footprint in various industries including health care, technology, industrials, consumer and business services.
It has filed with the SEC that it generated $783.8 million in revenue in 2025, compared to $578.7 million in 2024. During the same period, net income increased from $163.6 million to $214.1 million.
It has over 30 offices in 14 countries, including Australia, India, Japan, Germany, France, Brazil, China, the UK and the USA. Lincoln International said it employed around 1,400 people globally at the end of 2025.
The IPO market is reopening following a sluggish period
The Lincoln International IPO comes on the heels of a number of recent IPOs that reflected growing investors' confidence in the public markets. The volume of proceeds raised by global IPOs rose in the first quarter of 2026, with financial and technology firms resuming listings after holding back in recent years, data from EY's latest Global IPO Trends report revealed.
The company's opening day IPO is one of the bigger investment banking IPOs in recent years, Reuters reported. There are publicly listed advisory firms in the sector, such as Lazard, Evercore, Houlihan Lokey and Moelis & Company.
Expansion Strategy Continues
Prior to the IPO, Lincoln International grew via acquisition of MarshBerry, in 2025, and TCG Corporate Finance, in 2024. The transaction bolstered the company's insurance advisory and private capital businesses in North America and Europe.
Goldman Sachs and Morgan Stanley were the lead underwriters of the offering.
FAQs
Q1. Why is the Lincoln International IPO getting attention?
The $421 million IPO comes as global public listings and dealmaking activity begin recovering after a slower 2024 market.
Q2. What does Lincoln International do?
Lincoln International advises companies and private equity firms on mergers, acquisitions, financing, restructuring, and business valuations.
Q3. How large is Lincoln International’s global business?
The firm operates through more than 30 offices across 14 countries and reported $783.8 million in 2025 revenue.
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