Key Takeaways
Chicago-based Lincoln International has launched its initial public offering roadshow, seeking a valuation of up to $2 billion in what would be one of the largest U.S. investment bank listings in almost two decades. The firm is looking to raise as much as $421 million.
Lincoln International is a trusted investment banking advisor to business owners and senior executives of leading private equity firms and their portfolio companies and to public and privately held companies around the world, according to a company statement. Founded in 1996, the firm has roughly 1,400 professionals across 14 countries.
The mid-market focused investment bank and its selling stockholders are offering 21,049,988 shares of Class A common stock, priced between $18 and $20 apiece. Of the total shares, 20.6 million are being offered by Lincoln, with existing stockholders selling the remaining 445,942. The shares are expected to trade on the New York Stock Exchange under the ticker symbol "LCLN."
The offering is a rare event in the financial sector and a significant test for the IPO market. Investment bank IPOs in New York have been infrequent over the past two decades, with Lincoln's planned offering set to be among the biggest since Lazard's $855 million IPO in 2005, according to Dealogic data cited by Reuters. Other boutique banks like Moelis and Houlihan Lokey went public in 2014 and 2015, respectively.
Goldman Sachs and Morgan Stanley are acting as the joint lead book-running managers for the proposed offering. BMO Capital Markets, Citizens Capital Markets, and Evercore ISI are also serving as bookrunners.
A registration statement on Form S-1 relating to the proposed initial public offering has been filed with the SEC but has not yet been declared effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.
This article is for informational purposes only and does not constitute investment advice.
