Lime raises $167M in IPO after years of teasing a public debut

Lime, the micromobility pioneer, has successfully raised $167 million through its initial public offering (IPO). The company, which has been in operation for nine years, sold 6.68 million shares priced at $25 each, right in the middle of its anticipated range of $24 to $26. Trading commenced on the Nasdaq under the ticker symbol "LIME," with shares surging approximately 9% shortly after the market opened. The journey toward this IPO has been a long one for Lime. Following a substantial $523 million funding round in 2021, CEO Wayne Ting had indicated to TechCrunch that the company was eyeing a public debut in 2022. The IPO discussions were reignited in 2023, as Ting expressed that the company was waiting for optimal market conditions. With the IPO now complete, Lime's valuation stands at about $1.66 billion, just below Bird's valuation at the time of its merger with a special purpose acquisition company in 2021. Lime’s need for capital is critical; its IPO filing in May revealed "substantial doubt" about its ability to continue as a going concern. The company stated it requires the funds to address approximately $1 billion in liabilities, over half of which are due by year's end. Without the IPO proceeds, Lime warned potential investors that alternative financing would be necessary. The micromobility sector has faced significant challenges, with several competitors struggling or even going out of business. Bird, for instance, filed for bankruptcy protection after going public, while others have either merged or been delisted. Despite this turbulent landscape, Lime has managed to grow its revenue steadily over the past few years, reporting $521 million in 2023, $686.6 million in 2024, and $886.7 million in the following year. The company has also reduced its losses from $122.3 million in 2023 to $33.9 million in 2024, although losses rose slightly to $59.3 million in 2025. A significant factor in Lime's growth has been its global expansion, as the company now operates in 230 cities across 29 countries. However, it remains somewhat reliant on Uber, which holds a 24% stake in Lime and contributed over 14% of its revenue last year by allowing users to book Lime rides via its app in certain regions. This IPO marks a pivotal moment for Lime as it navigates the complexities of the micromobility market.