Lime begins life as a public company after years of uncertainty

Lime, the micromobility pioneer, has successfully completed its initial public offering (IPO), raising $167 million and marking its transition from a private entity to a publicly traded company. This milestone comes after nearly a decade filled with fluctuating valuations and challenges, including the impact of the global pandemic. The company, known for its electric scooters and bikes, sold 6.68 million shares at $25 each, landing in the middle of its expected price range of $24 to $26. Trading commenced on the Nasdaq under the ticker “LIME” on Wednesday, with shares seeing a notable increase of approximately 9% within the first hour. The IPO positions Lime’s valuation at about $1.66 billion, which is nearly equivalent to the valuation of its competitor Bird during its special purpose acquisition company merger in 2021. CEO Wayne Ting expressed his sentiments about the IPO, highlighting the perseverance and belief required to reach this point. "Having that resilience and patience... really paid dividends over the long run," Ting shared in an interview with TechCrunch. He acknowledged the uncertainty the company faced over the years, stating, "There were many days where I wasn’t sure if Lime was going to make it past the next few months." Lime has contemplated going public for several years. Following a significant funding round in 2021, Ting had mentioned the possibility of an IPO in 2022, later revisiting the idea in 2023 when market conditions seemed more favorable. He emphasized the importance of demonstrating Lime's durability compared to competitors like Bird, stating, "We needed to prove we could be a self-sustaining, profitable business." The need for funds is critical, as Lime's IPO filing disclosed considerable liabilities amounting to around $1 billion, more than half of which is due soon. Without the IPO, the company indicated it would have to seek alternative financing options. The micromobility sector has faced significant challenges, with competitors like Bird having filed for bankruptcy and others either merging or ceasing operations. Despite these hurdles, Lime has shown growth, reporting revenues of $521 million in 2023 and increasing to $886.7 million in 2025. The company has also managed to reduce its losses significantly over the years, showcasing an improved financial trajectory. Lime's global presence has expanded to 230 cities across 29 countries, partly bolstered by its partnership with Uber, which owns a 24% stake in the company. Looking ahead, Ting believes that being publicly traded will foster stronger relationships with cities seeking reliable long-term partners. "Cities want operators that won’t go out of business in a short period, and now that we’re public, our financials are transparent to regulators," he noted. As Lime steps into this new chapter, it aims to leverage its public status to secure its position in the competitive micromobility market and continue its growth journey.