Lincoln International, Inc. IPO - What You Need to Know

1. What does this company actually do?

Lincoln International is a global investment bank. It helps "middle-market" companies—those worth $100 million to $1 billion—buy and sell businesses and raise money. Many of these clients are private equity firms. Founded in 1996, Lincoln now has 1,400 professionals in over 30 offices worldwide. It is a major player, ranking as the world's second-largest advisor for selling private-equity-owned businesses.

2. How do they make money?

Lincoln makes money in two ways:

• Deal Fees: They earn fees by helping companies buy each other, sell, or raise money.
• Valuation Fees: They charge flat fees to estimate what companies are worth. This brings in steady, recurring income. In 2025, Lincoln valued about 32% of all U.S. private-equity-backed companies, often updating these values daily, weekly, or monthly.

Thanks to this setup, Lincoln's total revenue jumped from $191.9 million in 2015 to $843 million in 2025. That is a 16% average yearly growth rate.

3. Why is their market booming?

More companies are choosing to stay private. Since 2000, the number of U.S. private-equity-backed businesses shot up from 2,000 to over 13,600. Experts expect total private market investments to grow from $19 trillion in 2024 to $32 trillion by 2030. Mid-sized deals also hold up better during recessions than giant mergers. By late 2025, Lincoln's upcoming deals hit an all-time high, pointing to strong future income.

4. How are they planning to grow?

Lincoln has four main growth plans:

• Targeting New Clients: They mapped 3,300 mid-sized companies to pitch over the next five years. In 2025, loyal repeat clients brought in 57% of deals.
• Buying Rivals: Lincoln grows by buying other businesses, like Spurrier in 2022 and TCG in 2024. Their late-2025 purchase of MarshBerry instantly expanded their reach in the busy insurance market.
• AI and Global Support: To boost profit margins, Lincoln uses AI for routine tasks. They also use their India office for support. This lets them grow without hiring expensive junior staff.
• Selling Data: In February 2026, Lincoln teamed with S&P DJI to launch financial indexes. These use Lincoln's private valuation data to create a new subscription income stream.

5. What will they do with the money from this IPO?

Lincoln will use the IPO cash to pay off debt, cover costs, and fund growth. However, they will use a large chunk to buy back ownership shares from early partners. This includes company directors and executives who are cashing out.

6. What are the main risks to watch out for?

• Economic Ups and Downs: High interest rates or recessions slow down deals. This directly hurts Lincoln's fees and profits.
• Losing Key People: Investment banking depends on talented people. Fortunately, Lincoln spreads this risk: in 2025, no single advisor brought in over 2% of revenue.
• Tax Payouts to Insiders: Under a special tax agreement, 85% of future tax savings go to early partners and insiders, not everyday investors.
• No Say in Decisions: Lincoln is creating three types of stock. Everyday investors buying public shares will get almost no voting power, while founders and insiders keep total control.

7. Where will it trade and under what symbol?

• Exchange: New York Stock Exchange (NYSE)
• Ticker Symbol: "LCLN"
• Pricing: The company hasn't shared details about the exact share price or how many shares they'll sell just yet. This is normal for this early stage of the filing process, and they will likely release these numbers closer to the actual IPO date.

The Bottom Line

Investing in Lincoln is a bet on mid-sized private companies. Lincoln is a top global advisor with a steady valuation business, ready to ride the long-term growth of private equity. Still, everyday investors must weigh these strengths against the ups and downs of investment banking, tax payouts to insiders, and concentrated insider voting control.

Disclaimer: This guide is for educational purposes only and is not financial advice.