Shares of Lincoln International gained 12.6% in their New York Stock Exchange debut on Wednesday, valuing the investment bank at about $2.3 billion.
The Chicago, Illinois-based firm’s stock opened at $22.51 apiece, above the offer price of $20.
Lincoln and selling stockholders sold 21 million shares at the top of the marketed range of $18 and $20 each to raise $421 million in the IPO.
Investment bank IPOs in New York have been scarce over the past decade or so, with some boutique advisory firms choosing to sell themselves before reaching the scale needed to go public.
