Lincoln International is seeking a New York listing after a year of rapid growth — reporting $214.1m in net income on $783.8m of revenue for 2025. The Chicago-based investment bank filed a Form S-1 with the U.S. Securities and Exchange Commission on 24 April, aiming to raise up to $100m and to list its Class A shares on the New York Stock Exchange under the ticker LCLN. Goldman Sachs and Morgan Stanley are acting as joint lead book-running managers, and the filing says the company and certain existing stockholders intend to sell shares.

S-1 filed; size, price range not yet set

Lincoln International publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission on 24 April. The filing has not become effective and the number of shares and price range for the proposed offering have not been set; offers cannot be accepted until the registration statement is effective.

The filing indicates the company and certain existing stockholders intend to sell shares in the offering. Lincoln has applied to list its Class A common stock on the New York Stock Exchange under the symbol LCLN. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are listed as joint lead book-running managers. Other banks named as bookrunners or co-managers include BMO Capital Markets, Citizens Capital Markets, Evercore ISI, Keefe, Bruyette & Woods, Stifel, and a Wolfe | Nomura alliance.

The registration statement warns the proposed offering is subject to market and other conditions and that there can be no assurance as to whether or when it will be completed. One market tracker reported the filing lists a potential raise of up to $100m.

Financials and footprint that underpin the float

The filing sets out operating results showing faster revenue growth into 2025. For the 12 months ended 31 December 2025, Lincoln reported revenue of $783.8m and net income of $214.1m, compared with revenue of $578.7m and net income of $163.6m in the prior year.

Mastheads

The company describes itself as a global independent investment banking advisory firm focused on private capital markets. It operates from more than 30 offices across 14 countries and employed roughly 1,400 professionals, including 161 managing directors, at the end of 2025.

Lincoln specialises in advising on private-market transactions, typically in the $250m to $2bn range on the mergers and acquisitions front. The firm highlighted recent assignments in the filing, including advising Madison Industries on a $1.95bn sale of a business unit and advising on the sale of workplace pension provider Cushon.

How Lincoln compares with public peers

If the offering proceeds, Lincoln would join other boutique and specialist investment banks that listed in New York. The filing positions the firm alongside boutiques such as Moelis and Houlihan Lokey.

Lincoln’s scale is smaller than the largest Wall Street houses but its revenue and profitability show rapid growth through 2025. The company disclosed a recent acquisition: in October it completed the purchase of MarshBerry, an advisory firm serving insurance brokerage, distribution and wealth management clients.

Market context and demand for mid-market advisory

Deal volume has been uneven since geopolitical shocks in the prior year. The filing and related market commentary note a rebound in global dealmaking in recent weeks, with larger transactions returning to the pipeline. Market participants pointed to factors such as easing monetary policy expectations, renewed corporate confidence around technology investment, and a more balanced U.S. regulatory tone as supportive of deal activity.

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Goldman Sachs and Morgan Stanley are acting as joint lead book-running managers for the proposed offering.

This article was created with AI assistance.