Lincoln International Inc.'s initial public offering has drawn orders multiple times the available shares, Bloomberg reported.
The Chicago-based investment banking advisory firm received sizable orders from long-only investors. The company will stop accepting IPO orders on Monday at 4 p.m. in New York and is on track to price after market close on Tuesday.
Lincoln International and selling stockholders are seeking up to $421 million by offering nearly 21 million shares priced between $18 and $20 each. At the midpoint, the IPO values Lincoln at a discount to Houlihan Lokey based on price-to-earnings multiples.
The boutique investment bank said Monday it was targeting a valuation of up to roughly $2 billion. Shares are expected to trade on the New York Stock Exchange under the symbol LCLN.
Goldman Sachs, Morgan Stanley, Bank of Montreal, Citizens Capital Markets, and Evercore are among the banks working on the offering.
