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Stock Markets May 11, 2026 07:38 AM

Lincoln International Files for U.S. IPO, Seeks Up to $421 Million

Boutique investment bank files to list Class A shares on NYSE under ticker LCLN with major global banks leading the deal

By Derek Hwang

Lincoln International and certain existing shareholders have filed for an initial public offering in the United States that could raise up to $421 million. The firm submitted paperwork to sell 21,049,988 shares at a proposed $18 to $20 per share range, with the company offering 20,604,046 Class A shares and existing holders selling 445,942 shares. The offering is slated for listing on the New York Stock Exchange under the ticker LCLN, with Goldman Sachs and Morgan Stanley named as lead bookrunners.

Lincoln International Files for U.S. IPO, Seeks Up to $421 Million

Key Points

  • Lincoln International and certain existing shareholders filed to offer 21,049,988 shares in a U.S. IPO, with a proposed price range of $18 to $20 per share.
  • The company will sell 20,604,046 shares of Class A common stock while existing stockholders will sell 445,942 shares; the offering could raise up to $421 million at the top of the range.
  • Lincoln International plans to list on the New York Stock Exchange under the ticker LCLN, with Goldman Sachs & Co. LLC and Morgan Stanley serving as lead bookrunners alongside a syndicate of underwriters.

Lincoln International and a group of its current shareholders said Monday they plan to pursue an initial public offering in the United States that could generate as much as $421 million, according to the company's filing.

The firm registered the sale of a total 21,049,988 shares for listing on the New York Stock Exchange, proposing an offering price between $18 and $20 per share. Of the shares in the filing, Lincoln International intends to sell 20,604,046 shares of its Class A common stock, while existing stockholders have filed to sell 445,942 shares.

Management has indicated the company will seek a listing under the symbol LCLN. The registration names Goldman Sachs & Co. LLC and Morgan Stanley as lead bookrunners tasked with managing the offering and building the order book.

Additional underwriting support is included in the filing. The group of underwriters listed in connection with the deal comprises BMO Capital Markets, Citizens Capital Markets, Evercore ISI, Keefe, Bruyette & Woods, and Wolfe | Nomura Alliance.

Lincoln International describes itself in the filing as a financial services firm that provides advisory services and financing solutions for middle-market transactions. The company says it concentrates on private capital market activity and delivers advisory services to private equity investors, private credit investors, and owners of private companies.

Deal structure and market placement

The proposed structure splits the offering between the company's sale of Class A shares and a smaller sale by existing shareholders. The proposed $18 to $20 range establishes a potential maximum raise of $421 million if all shares are sold at the top of that band.

Underwriting syndicate

Goldman Sachs & Co. LLC and Morgan Stanley are positioned as the lead underwriters, with a broader syndicate including BMO Capital Markets, Citizens Capital Markets, Evercore ISI, Keefe, Bruyette & Woods, and Wolfe | Nomura Alliance supporting the transaction.

Details available in the filing describe the firm's focus and the share allocation, but the filing does not provide additional commentary on timing beyond the registration or on the ultimate pricing decision, which will depend on market conditions and final determinations by the company and its underwriters.

Risks

  • Final proceeds depend on the ultimate offer price within the $18 to $20 range, which will affect the total capital raised and is subject to market pricing.
  • The balance between shares sold by the company and those sold by existing stockholders will determine the public float and could influence market liquidity for the stock.
  • Execution of the offering relies on the underwriting syndicate named in the filing; the timing and completion are contingent on decisions by the company and underwriters as reflected in the registration.

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