Lincoln International has filed for an initial public offering in the United States, signalling a rare stock market flotation for an investment bank. This move comes as the IPO market experiences a resurgence, with renewed activity following eased geopolitical concerns. Founded in 1996, Lincoln International is an investment banking advisory firm specialising in private capital markets, offering advice to buyout firms, private credit investors, and privately held companies.
The Chicago-based firm reported a net income of US$214.1 million on revenue of US$783.8 million in 2025, a significant increase from US$163.6 million net income and US$578.7 million revenue the previous year, according to its filing. This listing will position Lincoln International alongside other boutique investment banks like Moelis and Houlihan Lokey, which have gone public in New York since 2010. The company primarily focuses on private market transactions ranging from US$250 million to US$2 billion on the mergers and acquisitions advisory front.
IPOX CEO Josef Schuster noted that US IPO activity remains unimpacted by geopolitical uncertainties, suggesting a “golden age” for US IPOs, particularly for US-domiciled deals. Top Wall Street executives anticipate dealmaking to accelerate into 2026, driven by monetary easing and artificial intelligence investment. Lincoln International recently advised on significant transactions, including Madison Industries’ US$1.95 billion sale of Madison Fire & Rescue to 3M and Bain Capital, and Cushon’s sale to WTW. The firm acquired MarshBerry, an advisory firm for the insurance and wealth management sectors. Lincoln International plans to list on the New York Stock Exchange under the symbol “LCLN”, with Goldman Sachs and Morgan Stanley serving as joint lead book-running managers.
