Lime raises $167 million in IPO, valuing company at $1.66 billion

Micromobility company Lime completed an initial public offering on Wednesday, selling 6.68 million shares at $25 each and beginning trading on the Nasdaq under the ticker “LIME.” The offering raised $167 million and placed the company’s market value at about $1.66 billion, slightly below the valuation Bird achieved in its 2021 SPAC merger.

The IPO proceeds are intended to help Lime manage approximately $1 billion in liabilities, more than half of which are due by the end of the year. In its filing, the company expressed “substantial doubt” about its ability to continue as a going concern without the capital infusion.

Lime’s chief executive Wayne Ting said the firm has demonstrated durability over the past three years, achieving three consecutive years of free-cash-flow-positive results and improving revenue from $521 million in 2023 to $886.7 million in the most recent year. He added that the public listing will provide additional capital for growth, technology investment, and further cost efficiencies.

The company now operates in 230 cities across 29 countries and is 24% owned by Uber, which contributed over 14% of Lime’s revenue last year. Ting noted that being a publicly traded company could make city regulators more comfortable partnering with Lime, as its financials will be transparent.

Lime’s IPO follows a turbulent period for the micromobility sector, during which rivals such as Bird filed for bankruptcy protection and others merged, delisted, or ceased operations.