Lincoln International, a mid-market investment banking advisory firm headquartered in Chicago, is gearing up for a public debut that could raise as much as $421 million in gross proceeds. The company has filed its Form S-1 with the SEC and plans to list Class A common stock on the New York Stock Exchange under the ticker “LCLN.”

The offering involves 21.988 million shares of Class A common stock, priced in a range of $18 to $20 per share. Goldman Sachs and Morgan Stanley are running the show as joint book-running managers.

Inside the offering

Beyond the two lead underwriters, Lincoln has assembled a deep bench of co-managers. JPMorgan Capital Markets, Citizens Capital, Evercore ISI, Nomura, and Wolfe Research are all involved in various co-managing capacities.

The registration statement filed with the SEC is currently pending effective status, meaning the IPO hasn’t received final regulatory clearance yet. Preliminary documentation is accessible through the SEC’s EDGAR database.

Who is Lincoln International

Lincoln International operates in the middle-market investment banking space, with expertise in mergers, acquisitions, capital markets, and financial consulting. The firm has built a reputation as a serious advisory house, with a global footprint that extends well beyond its Chicago headquarters.

What this means for investors

The pricing range of $18 to $20 per share will be a key indicator of demand during the roadshow. If the deal prices at the top of the range, or above it, that signals strong institutional confidence in Lincoln’s growth story.

Investors should also pay attention to the split between primary and secondary shares in the offering. Primary shares raise fresh capital for the company, which can be deployed for growth, debt reduction, or strategic investments. Secondary shares represent existing shareholders cashing out, which doesn’t add anything to Lincoln’s balance sheet.

Lincoln operates in a crowded field of mid-market advisory firms, several of which are already publicly traded. Companies like Houlihan Lokey and Piper Sandler have established public track records that investors can benchmark against.