Micromobility company Lime has finally gone public, raising $167 million in a long-awaited initial public offering. The nine-year-old scooter and bike rental firm sold 6.68 million shares at $25 each, the midpoint of its $24 to $26 range. Shares begin trading today on the Nasdaq under the ticker "LIME".
Proceeds needed to cover over $1 billion in liabilities
Lime first signaled its intention to go public back in 2021, following a $523 million funding round, with CEO Wayne Ting targeting a 2022 IPO. Market conditions delayed those plans, and the company finally pulled the trigger this year. The IPO values Lime at approximately $1.66 billion, just shy of the valuation Bird achieved through a SPAC merger in 2021. The need for fresh capital is acute: in its May filing, Lime expressed "substantial doubt" about its ability to continue as a going concern, stating that it requires the IPO proceeds to service around $1 billion in liabilities, more than half of which fall due by the end of this year. Without the offering, the company would have had to seek alternative financing.
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Micromobility sector turmoil and Lime's resilient growth
The micromobility industry has proven brutal. Competitors like Bird filed for bankruptcy and restructured, while Tier and Dott merged, Micromobility.com was delisted, and Superpedestrian shut down entirely. Amid this chaos, Lime has steadily grown revenue from $521 million in 2023 to $686.6 million in 2024 and $886.7 million last year. Net losses narrowed from $122.3 million in 2023 to $33.9 million in 2024, though they ticked up to $59.3 million in 2025. The company's global footprint now spans 230 cities across 29 countries. However, Lime retains significant reliance on Uber, which owns 24% of the company and contributed over 14% of its revenue last year by allowing Lime rides to be booked through its app in select cities. For context on technology sector consolidation, the recent reorientation of OnePlus toward OPPO in Germany illustrates how brands seek synergies to navigate challenging markets.
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Profitability remains elusive, but the IPO provides Lime with the financial runway to pay down debt and continue investing. Investor demand was solid, according to sources close to the deal, driven by confidence in Lime's ability to lead a maturing micromobility market.
Source: https://techcrunch.com/2026/07/01/lime-raises-167m-in-ipo-after-years-of-teasing-a-public-debut
