ICR Capital

What ICR Capital does

ICR Capital is an independent equity capital markets advisory firm and a wholly owned subsidiary of ICR, LLC, the strategic communications platform founded in 1998 by Thomas M. Ryan. The firm provides unbiased strategic advice to corporate management teams, financial sponsors, venture capital firms, and boards of directors on high-stakes capital markets transactions, organized around two service lines: Equity Services (IPOs, marketed follow-ons, block trades, and SPACs) and Convertible & Equity Derivatives Advisory (new issuance, call spreads, liability management, call spread unwind, share repurchases, and pre-IPO financing). The firm operates as an SEC-registered broker-dealer and FINRA/SIPC member but does not underwrite or sell securities to investors — structurally eliminating the issuer-vs-investor conflicts inherent at bulge-bracket banks. This independence is the firm's core value proposition and is enabled by a senior team of bulge-bracket alumni from Barclays, Deutsche Bank, Goldman Sachs, Morgan Stanley, Bear Stearns, Citigroup, and JP Morgan.

ICR Capital generates revenue through professional services advisory fees on completed transactions, with deal sizes typically above $100 million. The firm has advised on more than 20% of U.S. IPOs valued above $100 million since 2019 and $60 billion+ in transactions since 2020, with cumulative team experience exceeding 500 transactions and $100bn+ in deal value across senior partners. The firm maintains dominant market share positions in the consumer, healthcare, and technology sectors, with the 2019 acquisition of Westwicke providing dedicated healthcare vertical depth. Distribution is enterprise field sales — senior advisors engage directly with issuers and boards on complex transactions, supported by thought leadership content, an annual ICR IPO Summit, and podcasts/webinars on capital markets topics.

The firm's go-to-market is further differentiated by integration with parent ICR's broader strategic communications platform, which bundles capital markets advisory with investor relations, public relations, ESG advisory, and media strategy — a combined offering pure-play ECM boutiques cannot match. Operating geographies include North America (primary), Europe (via partnership with Lilja & Co.), and Asia Pacific (parent's Beijing office). The firm's growth strategy emphasizes deepening the converts practice through senior partner additions, expanding healthcare and international reach, and broadening product surface into structured equity-linked transactions.

Name

ICR Capital

Legal name

ICR Capital LLC

Website

https://icrcapital.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

1–10 employees

Short description

ICR Capital is an independent equity capital markets advisory firm serving corporate teams, financial sponsors, VC firms, and boards on IPOs, follow-on offerings, convertible securities, block trades, SPACs, and capital structure optimization, with dominant positions in consumer, healthcare, and technology sectors.

Ownership category

akta.pro rank

Product category

Capital Markets Advisory

NAICS

Investment Banking and Securities Intermediation (523150), Investment Banking and Securities Intermediation (52315), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Equity Capital Markets Advisory (Equity Issuance Strategy & Readiness) (FSACAAAI)

akta.pro secondary industries

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL), Secondary Offerings & Share Sales (Secondary Placements) (FSACAAAG), Private Placements (144A/Reg S/MTN) (FSACABAK), Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC), Independent Broker-Dealers (Retail Network) (FSAAAAAC)

Keywords

• Capital markets advisory
• IPO advisory
• Convertible securities
• Equity offerings
• SPAC transactions

Headquarters

HQ city

Norwalk

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Capital Markets Advisory Services: ICR Capital provides consulting services on mergers, acquisitions, financial restructurings, underwritings, and similar corporate finance matters. The firm engages in capital raising activities and the sale of private placements, but does not sell underwritten securities to investors.
2. Transaction Advisory: Advisory fees for IPO execution support, follow-on offerings, convertible debt transactions, and block trades. Services include banking landscape assessment, underwriter selection, syndicate structuring, and pricing counsel.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels7 records

Core offering

ICR Capital is an independent equity capital markets advisory firm providing unbiased strategic advice to corporate teams, financial sponsors, venture capital firms, and boards on high-stakes capital markets transactions. The firm offers two core service lines: Equity Services (IPO advisory, marketed follow-ons, block trades, SPACs) and Convert Services (new issuance, call spreads, liability management, share repurchases, pre-IPO financing). As an SEC registered broker-dealer, ICR Capital delivers conflict-free advisory without underwriting or selling securities to investors.

Product overview

ICR Capital is an equity capital markets advisory firm offering two core service lines: Equity Services and Convert Services. The Equity practice provides advisory for IPOs, marketed follow-ons, block trades, and SPACs. The Convert practice, also called Convertible and Equity Derivatives Advisory, handles new issuance, call spreads, liability management, call spread unwind, share repurchases, and pre-IPO financing. The firm serves as an independent advisor to corporate management teams, financial sponsors, and boards, providing unbiased strategic counsel on high-stakes capital markets transactions.

Differentiator

Problem solved

Functional benefit

Products and services

• Equity Services Comprehensive advisory services for equity capital markets transactions including IPOs, marketed follow-ons, block trades, and SPACs. The practice provides guidance on banking landscape assessment, underwriter selection, syndicate structuring, equity story development, and pricing and allocations for corporate management teams, financial sponsors, and boards.
• Convert Services Convertible and Equity Derivatives Advisory services covering new issuance, call spreads, liability management, call spread unwind, share repurchases, and pre-IPO financing. The practice provides transparency and guidance throughout the execution process for complex convertible transactions.

Quantifiable outcome

• Advised on more than 20% of U.S. IPOs valued above $100 million since 2019
• +3 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Lilja & Co.coreStrategic or Co-development PartnerICR Capital has a partnership with Lilja & Co., a leading independent equity capital markets advisory firm in Europe. The partnership aims to provide best-in-class advice to European issuers and shareholders exploring optimal access to U.S. capital markets. ICR Capital and Lilja offer seamless service with independent and unbiased advice. Lilja has advised on more than 50 transactions with total value exceeding €50 billion.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Lilja & Co. Independent equity capital markets advisory firm founded by Robert Lilja (formerly of Lazard and Credit Suisse First Boston). Strategic partner to ICR Capital, advising European issuers on US capital markets access across 50+ transactions valued at €50bn+ — the closest functional analogue to ICR Capital.
• Solebury Capital: Private capital markets advisory firm focused on equity and equity-linked transactions for public and private companies. Directly comparable in offering set (IPOs, follow-ons, converts) and client profile; one ICR Capital SVP (Kevin McCarthy) previously worked at Solebury Capital.

Broad incumbents

• Allen & Company: Privately held investment bank with a long-standing independent ECM advisory franchise serving media, technology, and consumer issuers. Comparable as a competing independent advisor with similar selectivity and bulge-bracket banker alumni, though smaller in deal count.
• Evercore: Independent advisory firm with a substantial equity capital markets practice and top-tier bulge-bracket alumni. Comparable to ICR Capital in independent positioning and ECM advisory emphasis, but with significantly broader M&A and restructuring franchises.
• Lazard: Global independent advisory firm with equity capital markets, M&A, and restructuring practices. Several ICR Capital partners (including Robert Lilja and Mark Klausner) previously held senior roles at Lazard; competes for the same ECM advisory mandates from large issuers.
• Moelis & Company: Independent full-service advisory firm with ECM, M&A, and restructuring capabilities. Comparable to ICR Capital in independent positioning and bulge-bracket alumni bench, with a much broader sector coverage and full M&A franchise.
• PJT Partners: Independent advisory firm spun out of Blackstone with ECM, M&A, and restructuring offerings. Competes for ECM advisory mandates with bulge-bracket alumni bench and similar conflict-free positioning.
• Centerview Partners: Independent advisory firm with bulge-bracket alumni, focused on M&A, restructurings, and capital markets advisory. Comparable to ICR Capital as a competing independent advisor at the top end of the issuer and sponsor client base.
• Perella Weinberg Partners: Independent advisory firm with ECM, M&A, and capital solutions capabilities. Competes with ICR Capital in convertible and equity-linked advisory for issuers and sponsors, with a similar bulge-bracket alumni bench.
• Houlihan Lokey: Independent advisory firm with ECM, M&A, and capital markets services alongside a larger restructuring franchise. Overlaps with ICR Capital on ECM advisory mandates, with deeper mid-market reach and a public company listing providing capital flexibility.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/icrpr
• LinkedInlinkedin.com/company/icr
• Instagraminstagram.com/icrincllc

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about ICR Capital