Monitor IPO pricing and demand in the upcoming roadshow. Post-IPO, track quarterly revenue growth and adjusted EBT margins as the company absorbs MarshBerry integration costs and public company expenses. The dual-class structure means public investors have minimal governance influence.
Executive Summary
Lincoln International, a global independent investment banking advisory firm focused on private capital markets, filed Amendment No. 1 to its S-1 for an IPO of 21,049,988 shares of Class A common stock at $18-$20 per share. Pro forma client revenues were $842.4 million in 2025 (up 35% YoY) with pro forma net income of $12.6 million, though adjusted EBT was $145.9 million. Net proceeds of ~$368 million will be used to redeem $180 million of common units from existing partners (including $125 million to directors/officers), repay $186 million of debt, and for general corporate purposes. The offering represents ~21% economic interest with IPO investors holding only ~4% voting power due to a dual-class structure.
Key Financial Metrics
Key Facts
- Pro forma client revenues of $842.4M in 2025 grew 35% from $572.1M in 2024
- Pro forma net income of $12.6M in 2025; adjusted EBT of $145.9M
- Offering 20.6M new shares + 0.4M selling stockholder shares at $18-$20/share
- Net proceeds of ~$368M used to redeem $180M in common units (incl. $125M to insiders) and repay $186M in debt
- IPO investors will hold ~21% economic interest but only ~4% voting power due to dual-class stock
- Intends to pay quarterly dividend of $0.07/share starting Q3 2026
- MarshBerry acquisition closed Oct 2025 for $234M cash plus equity and earnouts
- Ranked #2 global sell-side advisor for PE transactions over 3 years ending Dec 2025
Financial Impact
Pro forma client revenues $842.4M, adjusted EBT $145.9M, net proceeds ~$368M
Risk Factors
- Concentrated voting control by four founders (87% voting power) limits public shareholder influence
- Significant dilution: offering price ~$19 vs. pro forma tangible book value of $0.73 per share
- Tax Receivable Agreement requires substantial future cash payments (estimated $68.7M over 20 years)
- Revenue volatility due to transaction-based success fees; 62% of IB advisory revenue from PE clients
- Integration risk from recent MarshBerry acquisition (Oct 2025) and potential future acquisitions
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001628280-26-033128 |
| Exhibit: exhibit102-sx1a.htm | 0001628280-26-033128 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | SC 13G/A | $23.44 | awaiting T+20 | — | $23.76 (−1.37%) |
Oct 15, 2026 12d ago | Press Release | $24.36 | awaiting T+20 | — | $23.76 (−2.46%) |
Sep 18, 2026 5w ago | SC 13G | $24.68 $23.26 | ▼ −5.75% | ▼ −4.85% | $23.76 (−3.73%) |
Aug 6, 2026 11w ago | 8-K | $23.41 $26.83 | ▲ +14.61% | ▲ +14.01% | $23.76 (+1.50%) |
May 26, 2026 22w ago | 8-K | $22.74 $23.00 | ▲ +1.14% | ▲ +3.04% | $23.76 (+4.49%) |
May 21, 2026 22w ago | 424B4 | $23.05 $23.63 | ▲ +2.49% | ▲ +2.16% | $23.76 (+3.08%) |
May 20, 2026 22w ago | 3 | $23.05 $23.63 | ▲ +2.49% | ▲ +2.16% | $23.76 (+3.08%) |
May 14, 2026 23w ago | S-1/A | — | awaiting T+20 | — | — |
May 11, 2026 24w ago | S-1/A | — | awaiting T+20 | — | — |
US Market Status
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