Lime raises $167M in long-awaited IPO
▼ Summary
– Lime raised $167 million in its IPO by selling 6.68 million shares at $25 each, with shares jumping 9% on their Nasdaq debut under the ticker “LIME.”
– The IPO values Lime at about $1.66 billion, just below the valuation Bird achieved when it went public via a SPAC merger in 2021.
– Lime’s IPO filing in May expressed “substantial doubt” about its ability to continue, as it needs the proceeds to pay roughly $1 billion in liabilities, over half due by end of this year.
– The micromobility industry has been harsh, with Bird filing for bankruptcy and others merging, delisting, or closing, but Lime grew revenue to $886.7 million last year and cut losses to $59.3 million.
– Lime operates in 230 cities across 29 countries, but relies on Uber, which owns 24% of the company and accounted for over 14% of its 2024 revenue.
Micromobility operator Lime has successfully completed its long-anticipated initial public offering, raising $167 million as shares began trading on the Nasdaq under the ticker “LIME” on Wednesday afternoon.
The nine-year-old company, backed by Uber, priced 6.68 million shares at $25 each, landing at the midpoint of its previously announced $24 to $26 range. In the first hour of trading, the stock climbed roughly 9%, signaling early investor enthusiasm for the scooter and bike rental giant.
Lime’s path to the public markets has been years in the making. CEO Wayne Ting first signaled a potential IPO in 2022 after a $523 million funding round in 2021, but the company delayed its plans, waiting for more favorable market conditions. Ting revisited the idea in 2023, reiterating that Lime was biding its time.
The IPO values Lime at approximately $1.66 billion, a figure just below the valuation rival Bird achieved when it went public via a SPAC merger in 2021. However, Lime’s financial situation remains precarious. In its May IPO filing, the company expressed “substantial doubt” about its ability to continue as a going concern without the capital raise. Proceeds from the offering are earmarked to address roughly $1 billion in liabilities, more than half of which come due by the end of this year. Without the IPO, Lime warned investors it would need to secure alternative financing.
The broader micromobility industry has been unforgiving. Bird filed for bankruptcy protection and restructured post-IPO. Other players like Tier and Dott merged, Micromobility.com was delisted, and Superpedestrian shut down entirely. Amid this turbulence, Lime has steadily grown its top line. Revenue climbed from $521 million in 2023 to $686.6 million in 2024, and reached $886.7 million last year. The company also narrowed its net losses from $122.3 million in 2023 to $33.9 million in 2024, though losses widened again to $59.3 million in 2025.
Much of that growth stems from Lime’s aggressive global expansion. It now operates in 230 cities across 29 countries. Yet the company remains heavily reliant on Uber, which holds a 24% stake and accounted for more than 14% of Lime’s revenue last year. Uber’s app allows users to book Lime rides in select cities, deepening the strategic tie between the two companies.
(Source: TechCrunch)
