Keefe's Latest IPO Dream

Evercore is regarded as the top-notch boutique bank, with high-profile investment banking clients. Unlike the two other boutique banks that went public this year, Evercore has a more streamlined business.

"There are two types of models now," Lane says. "The old business models like Cowen and Thomas Weisel, which are full service firms with underwriting and sales and trading, and the new model, which is independent advisers. Being a smaller player in the full-service model is a hard place to be."

Keefe Bruyette operates more as a full-service firm. The company has investment banking, sales and trading, and research divisions. But it is primarily focused on the financial-services sector, which gives the firm an expertise that differentiates it from the other small full-service banks.

But despite the performance of the Evercore offering, the IPO market remains deeply troubled. On Friday, nutritional-supplement chain GNC said that it was going to delay its IPO until a later date. The company sited market conditions for delaying its offering. This week, a number of other deals have run into trouble, including the IPO of memory-chip maker Qimonda(QI Quote) and technology company Alien Technology. Over the past month, nearly 20 companies hoping to tap the public market have either postponed or canceled plans for an IPO.