Lincoln International's NYSE debut raises $420 million, values company at $2.3B
Business
Lincoln International, a Chicago-based investment bank, just had a standout first day on the New York Stock Exchange.
Shares jumped 12.6%, landing the company at a $2.3 billion valuation.
Its IPO brought in $420 million by selling 21 million shares at $20 each: the top of their expected range.
Breaks trend for investment bank IPOs
Investment banks rarely go public these days. Some boutique advisory firms sell themselves before reaching the scale needed to go public.
Lincoln's successful debut breaks that pattern, especially since New York hasn't seen many investment bank IPOs in years.
It's a bit of fresh air for the industry and shows there's still appetite for new players on Wall Street.