Lucid Capital Markets

What Lucid Capital Markets does

Lucid Capital Markets is a private, full-service middle-market investment bank and FINRA-registered broker-dealer based in New York, organized into two operating divisions: Investment Banking and Capital Markets. The firm provides M&A advisory, strategic advisory, fairness opinions, and board advisory, alongside capital markets execution spanning IPOs, follow-on offerings, convertible notes, notes offerings, and at-the-market distribution agreements. Its equity research franchise covers healthcare verticals (oncology, inflammation and immunology, biotechnology) and financial institutions (REITs, BDCs, specialty finance), and is staffed by senior analysts recruited from B. Riley, Leerink, Wunderlich, Hovde, Jefferies, JMP, Craig-Hallum, and Raymond James.

The firm's capital markets platform is vertically integrated, combining institutional sales & trading, NYSE floor brokerage (operating under the AmerX brand), securities lending with locate services for hard-to-borrow names, corporate access programs (non-deal roadshows, conferences, fireside chats), and custody and clearing (via Wedbush Securities as clearing firm). Algorithmic execution capabilities include TWAP, VWAP, POV, Portfolio IS, pairs trading, and basket trading with API/FIX connectivity. The firm's stated infrastructure supports the claim of 150+ years of collective team experience and approximately $100B in financing proceeds across 650+ transactions (a figure that includes transactions completed by team members prior to joining Lucid).

The firm is relationship-led and targets small-to-mid-cap companies in healthcare and financial services that are typically underserved by bulge-bracket banks. Its primary verticals are Life Sciences & Healthcare Companies (biopharma, biotech, medtech) and Specialty Finance (BDCs, REITs, SPACs), with a Growth Strategies Group handling other growth-stage mandates. Revenue streams include underwriting and transaction fees, advisory fees, commissions and trading revenues, securities lending locate fees, and supported research distribution. Senior leadership includes David Rosenberg (Co-Founder, Co-CEO), Peter Blum (Vice Chairman; ex-CEO of Ladenburg Thalmann), John Lipman (Head of Capital Markets; ex-Craig-Hallum), and Steve Kaplan (MD; ex-Head of Capital Markets at Ladenburg Thalmann).

Name

Lucid Capital Markets

Legal name

Lucid Capital Markets LLC

Website

https://lucidcapitalmarkets.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

11–50 employees

Short description

Lucid Capital Markets is a private, FINRA-registered middle-market investment bank and broker-dealer serving small-to-mid-cap healthcare and financial institutions clients with M&A advisory, capital markets underwriting, institutional sales & trading, NYSE floor brokerage, securities lending, and equity research.

Ownership category

akta.pro rank

Product category

Investment Banking & Broker-Dealer Services

NAICS

Investment Banking and Securities Intermediation (52315), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG)

akta.pro secondary industries

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL), Corporate Finance & Capital Advisory (BPAHADAB), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Investment banking services
• Capital markets advisory
• Broker-dealer services
• Equity research coverage
• Securities lending

Headquarters

HQ city

Lexington

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Banking Advisory: M&A advisory, strategic advisory, fairness opinions, and board advisory services for healthcare and financial services clients.
2. Capital Markets - Underwriting: Underwriting fees from IPOs, follow-on offerings, convertible notes, notes offerings, and preferred stock offerings. Acts as sole book-runner, joint book-runner, co-manager, and placement agent across various transaction types.
3. Institutional Brokerage & Trading: Execution services for institutional clients including equity, fixed income, and derivative securities. Revenue generated through commissions, mark-ups, and mark-downs on principal trades.
4. Equity Research: Research coverage in healthcare (oncology, inflammation & immunology, biotechnology) and financial services (REITs, BDCs, specialty finance), with proprietary analysis supporting client engagement.
5. Securities Lending: Locate fees for hard-to-borrow securities and access to lending inventory for institutional clients.
6. Floor Brokerage: Execution services as NYSE floor member, providing direct market access, algorithmic trading, and liquidity to institutional clients.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Lucid Capital Markets is a full-service, middle-market investment bank and FINRA-registered broker-dealer providing M&A advisory, equity and equity-linked underwriting (IPOs, follow-ons, convertibles), institutional sales and trading, equity research, securities lending, and NYSE floor brokerage (AmerX) services to small-to-mid-cap companies concentrated in healthcare/biotechnology and specialty finance sectors. The firm delivers bespoke capital markets execution and strategic advisory services to corporate and institutional clients.

Product overview

Lucid Capital Markets is a full-service middle-market investment bank and broker-dealer. It does not offer a software product, platform, or SaaS offering with named modules. Its services are organized into two divisions: Investment Banking (covering Healthcare, Financial Institutions, and Growth Strategies Group, with services including M&A advisory, capital raising, IPOs, follow-on offerings, private placements, PIPE/registered directs, ATMs, and restructuring) and Capital Markets (encompassing Sales & Trading, Corporate Access, Floor Brokerage, Securities Lending, Custody & Clearing, and Equity Research). All services are delivered through human professionals and institutional relationships rather than a software product.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Banking Advisory M&A advisory, strategic advisory, fairness opinions, and board advisory services for healthcare and financial services clients, executed by senior banking professionals.
• Capital Markets Underwriting Underwriting and placement agent services for IPOs, follow-on offerings, convertible notes, notes offerings, and preferred stock offerings; acts as sole book-runner, joint book-runner, co-manager, and placement agent.
• Institutional Brokerage & Trading Execution services for institutional clients in equity, fixed income, and derivative securities with full algorithmic trading capabilities (TWAP, VWAP, POV, Portfolio IS, Pairs, Basket Trading) accessible via API/FIX connectivity.
• NYSE Floor Brokerage (AmerX) Execution services on the floor of the NYSE under the AmerX brand, providing direct market access, algorithmic trading, and bespoke order handling including single orders and complex basket orders to institutional clients.
• Securities Lending Locate services for hard-to-borrow securities with robust easy-to-borrow lists from a diversified pool of lenders, accessible via API and web-based interface portals for institutional clients.
• Equity Research Sell-side equity research coverage in healthcare (oncology, inflammation & immunology, biotechnology) and financial services (REITs, BDCs, specialty finance), with proprietary analysis supporting institutional clients and corporate engagements.
• Corporate Access Services Non-deal roadshows, conferences, and fireside chats connecting corporate management with institutional investors to support client engagement and investor relations.
• Custody & Clearing Services Back-office infrastructure supporting trade execution and settlement through an agreement with Wedbush Securities as clearing firm, providing recordkeeping and custodial services for clients.

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Wedbush Securities Inc.coreTechnology or IntegrationClearing firm providing recordkeeping, custodial and operational services. Lucid has an agreement with Wedbush for back-office infrastructure supporting trade execution and settlement.
• NYSE (as floor member)coreChannel Partner/ Reseller/ DistributorOne of the largest firms on the floor of the NYSE operating under the 'AmerX' brand. Provides execution services and serves as broker for major institutions.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Ladenburg Thalmann: Long-standing middle-market broker-dealer and investment bank with comparable coverage in healthcare, financial institutions and small-mid cap issuers. Multiple Lucid senior hires (Strupp, Kaplan, Blum, Ivanov, Caliva) came directly from Ladenburg, reflecting close operational overlap in services, verticals and culture.
• Craig-Hallum: Boutique investment bank focused on small-mid cap growth companies with strong healthcare and technology coverage. Head of Capital Markets John Lipman and Director John DeMarais both came from Craig-Hallum, pointing to near-identical business model and target issuer profile.
• B. Riley Financial: Diversified middle-market broker-dealer with capital markets, research and investment banking focused on small-cap issuers and special situations. REIT analyst Craig Kucera joined Lucid directly from B. Riley, evidencing overlap in REIT capital markets coverage.
• Roth Capital Partners: Small-mid cap investment bank with strong healthcare/biotech and growth company focus. Senior biotech analyst Elemer Piros joined Lucid from Roth, and the firms compete for similar IPO and follow-on biotech mandates.
• Hovde Group: Boutique investment bank specializing in financial institutions, particularly BDCs and specialty finance — directly competitive with Lucid's specialty finance equity research and FIG investment banking. Erik Zwick joined Lucid from Hovde.
• EF Hutton: Middle-market broker-dealer focused on small and micro-cap IPOs and capital raises across growth sectors. Operates as a direct competitor for the same lower-middle-market healthcare and growth company mandates that Lucid targets.
• Canaccord Genuity: Growth-focused investment bank with deep healthcare and technology coverage, often acting as book-runner on mid-market IPOs and follow-ons. Senior healthcare banker David Strupp came from Canaccord, indicating close operational overlap.
• ThinkEquity: Boutique broker-dealer focused on small and mid-cap capital raisings across growth sectors. Co-Head of Healthcare Banking David Strupp's prior stint at ThinkEquity underscores comparable positioning on deal size, verticals and execution model.
• Aegis Capital: Small-cap broker-dealer executing equity offerings, IPOs and corporate finance for growth companies. Competes head-to-head with Lucid for lower-middle-market healthcare and tech mandates of similar size.

Broad incumbents

• Leerink Partners: Larger, healthcare-specialist investment bank with deep institutional research. Healthcare research hire Christopher Liu came from Leerink, and the firm competes with Lucid for healthcare IB mandates although at larger average deal sizes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/lucid-capital-markets-llc-investment-banking

Revenue estimate

Valuation estimate

Number of profiles

Profiles28 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lucid Capital Markets