Lime, a micromobility firm, has successfully secured $167 million through its initial public offering (IPO).
Founded nine years ago and supported by Uber, Lime issued 6.68 million shares priced at $25 each, aligning with the midpoint of its projected range of $24 to $26. The shares are slated to begin trading on the Nasdaq under the ticker symbol “LIME” on Wednesday.
Lime has been eyeing an IPO for several years. In 2021, after raising $523 million, CEO Wayne Ting mentioned that the company planned for an IPO in 2022. He revisited this plan in 2023, indicating that Lime was still waiting for favorable market conditions.
This long-anticipated IPO values Lime at roughly $1.66 billion, just slightly below the valuation that Bird, another micromobility player, achieved during its merger with a special purpose acquisition company in 2021.
Lime’s financial situation necessitates these funds. In its IPO filing from May, the company raised “substantial doubt” about its ability to continue operating. It stated that the IPO proceeds are crucial for addressing approximately $1 billion in liabilities, with over half of that amount due by the end of this year. Without the IPO, Lime warned potential investors of its need to seek alternative financing options.
The financial landscape for micromobility companies has been quite challenging in recent years. Bird sought bankruptcy protection and underwent restructuring after going public, while other competitors have either merged (like Tier and Dott), been removed from major exchanges (like Micromobility.com), or shut down completely (like Superpedestrian).
Despite these hurdles, Lime has successfully increased its revenue over recent years. The company reported $521 million in revenue for 2023, $686.6 million in 2024, and $886.7 million the following year. Its losses also decreased from $122.3 million in 2023 to $33.9 million in 2024, although the figure rose again to $59.3 million in 2025.
This growth is largely owing to Lime’s global expansion, now operating in 230 cities across 29 countries. However, it does have a level of reliance on Uber, which holds a 24% stake in Lime and accounted for more than 14% of its revenue in the last year, as users can book Lime rides through the Uber app in various locations.
