Uber-backed Lime raises $167 million in US IPO
FILE PHOTO: People walk next to Lime rental bikes parked on a pathway at Eel Brook Common in Fulham, London, Britain December 1, 2024. REUTERS/Kevin Coombs/File Photo
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June 30 : Lime, backed by Uber, raised $167 million in its U.S. initial public offering, joining a growing list of companies tapping a revived market for new listings.
The company, formerly known as Neutron Holdings, sold 6.68 million shares at $25 per share, the midpoint of its marketed range of $24 to $26 per share.
The market for new listings has regained momentum after a bout of volatility triggered by the Iran conflict, with companies reviving IPO plans as resilient equity markets and a string of high-profile offerings bolster investor appetite.
Lime, founded in 2017, is a San Francisco, California-based company that provides short-term rentals of electric bikes and scooters in over 230 cities worldwide.
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Demand for its services has jumped as commuters, particularly in densely populated urban centers, are increasingly turning to shared e-bikes and scooters for short trips, drawn by their lower cost and convenience.
Its 2025 revenue of $886.7 million was a near 30 per cent jump from the $686.6 million it reported a year earlier. Net loss widened to $59.3 million from $33.9 million in the same period.
Uber led a 2020 funding round for Lime and has indicated interest in buying up to $20 million in shares in the offering. A significant share of Lime’s revenue comes from its partnership with Uber, whose ride-hailing app offers Lime’s scooters as a transport option.
Lime, which operates in an industry marked by high operating costs and regulatory hurdles, was valued at $2.4 billion in 2019 before the pandemic triggered a sharp downturn, reducing its valuation to about $510 million in 2020, according to media reports at the time.
It is expected to debut on the Nasdaq exchange under the ticker symbol “LIME” on Wednesday. Goldman Sachs, J.P. Morgan and Jefferies are among the underwriters for the offering.
Source: Reuters
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