Lincoln International Inc. is anticipated to price its initial public offering toward the higher end of the $18 to $20 marketing range later Tuesday, reflecting strong demand from long-only institutional investors.
The Chicago-based advisory firm has launched an IPO roadshow for 21,049,988 shares of its Class A common stock, with the marketed price band set between $18 and $20 per share. Bookbuilding activity has drawn interest described as multiple times the available allocation from anchor-type, long-only investors, a level of demand that typically tightens share availability for smaller buyers.
Shares are scheduled to begin trading on the New York Stock Exchange on Wednesday under the symbol LCLN. A group of banks is syndicating the offering, including Goldman Sachs Group Inc., Morgan Stanley, Bank of Montreal, Citizens Capital Markets and Evercore Inc.
The combination of a defined pricing range and reported oversubscription from long-only investors indicates that the final IPO price may settle in the upper portion of the indicated range. The company and its underwriters are moving through the customary pricing and allocation steps that precede a public listing.
Market participants and prospective investors should note that the available public information is limited to the announced share count, the marketing range and the banks working on the deal. The degree of oversubscription reported points to potential allocation constraints for non-anchor investors once final pricing is set.
Lincoln International's planned listing will transition the firm to a public company structure with its Class A shares traded on an exchange. The exact final price per share, allocation details and how the stock performs once trading begins will be determined when pricing is completed and the shares start trading.
Deal specifics:
- Shares on offer: 21,049,988 Class A common shares
- Marketing range: $18 to $20 per share
- Expected exchange: New York Stock Exchange, ticker LCLN
- Lead banks: Goldman Sachs Group Inc., Morgan Stanley, Bank of Montreal, Citizens Capital Markets, Evercore Inc.
Available public reporting on the transaction centers on the marketed range, the volume of shares in the offering and the participation of anchor-style investors. Additional details will become public once pricing is announced and allocations are finalized.