IPO STREAM
FIRST IN WINS
INSTITUTIONAL-GRADE IPO ANALYSIS · PREMIUM SUBSCRIBER EDITION
BIG IPO SCHEDULED
FOR THIS WEEK
Week of May 18 – 22, 2026 · ipostream.com/premium
4 IPOs This Week · Investment Banking · Industrial · MedTech · Restaurant · Published May 25, 2026
Good Monday morning all. This week's US IPO calendar is pretty quiet — but here's what we've got lined up.
Lincoln International is the big one this week. The rest are much smaller micro-IPOs — higher risk, but worth watching if you're into tiny caps.
THIS WEEK AT A GLANCE
| Company |
Ticker |
Raise |
Price |
Lead Banks |
| Lincoln International ★ |
LCLN |
~$400M |
$18–$20 |
Goldman Sachs, Morgan Stanley |
| BW Industrial Holdings |
BWGC |
~$17M |
$6–$7 |
Eddid Securities USA |
| Encore Medical |
EMI |
~$15M |
$5.00 Fixed |
Oak Ridge Financial |
| Riku Dining Group |
RIKU |
~$25M |
$4–$6 |
Eddid Securities USA |
FULL ANALYSIS
★ MAIN EVENT THIS WEEK
|
Lincoln International
LCLN
Expected ~May 20, 2026
|
Investment Bank
|
|
Raise
~$400M
|
Shares / Price
~21M @ $18–$20
|
Lead Underwriters
Goldman Sachs,
Morgan Stanley
|
Target Valuation
~$2B
|
Co-managers:
BMO Capital Markets · Citizens Capital Markets · Evercore ISI + others
A global independent investment bank specializing in M&A advisory, capital raising, and valuations — especially for private equity and private credit clients in the middle market. Founded in Chicago in 1996, they've built a strong reputation helping owners and executives navigate complex deals across 30 offices worldwide.
Goldman + Morgan Stanley leading a $400M deal with a $2B valuation target — this is the real deal this week. Strong PE relationships and steady middle-market advisory revenue make this the most compelling name on the slate.
Micro-Cap Watch
The following three are small micro-IPOs — higher risk, limited liquidity. Do your homework before participating. These can be volatile and often struggle long-term, but sometimes worth it for the right trader.
|
BW Industrial Holdings
BWGC
Expected ~May 21+
|
Industrial
|
|
Raise / Price
~$17M @ $6–$7
|
Shares
2.6M shares
|
Underwriter
Eddid Securities USA
|
Provides industrial construction services and is developing modular water treatment systems for quick deployment. Houston-based EPC play on the US reshoring buildout — project-based revenue is lumpy but the thesis is sound for the right timeline.
|
Encore Medical
EMI
Week of May 18–22
|
MedTech
|
|
Raise / Price
~$15M @ $5.00 Fixed
|
Shares
3M shares
|
Underwriter
Oak Ridge Financial
|
Develops transcatheter implants to close cardiac defects like PFOs — no open-heart surgery needed. Devices are already CE-marked and sold outside the US, targeting FDA approval via US clinical trials funded by this IPO.
|
Riku Dining Group
RIKU
Week of May 18–22
|
Restaurant
|
|
Raise / Price
~$25M @ $4–$6
|
Shares
5M shares
|
Underwriter
Eddid Securities USA
|
Operates and franchises Japanese restaurants — Ajisen Ramen in Canada and several yakiniku and cafe concepts in Hong Kong. Niche play with limited liquidity. Consumer discretionary small caps are a tough trade in uncertain economies.
Looking Ahead
Overall a light week — Lincoln is the main event. Next week it seems like we'll get a bit beefier, so hang in there and let us know how you've been doing with these IPOs.
"Good luck to you all — these smaller ones are niche plays with limited liquidity, so do your homework. Micros are a tough play but sometimes worth it."
Tim
IPO Stream
