Lime goes public with $167 million IPO

Micromobility company Lime has officially entered the public markets, raising $167 million in its initial public offering (IPO). The company sold 6.68 million shares at $25 each, the mid-point of its $24 to $26 price range. Shares began trading on the Nasdaq stock exchange under the ticker “LIME” on Wednesday, jumping around 9% in the first hour of trading. The debut values the company at around $1.66 billion.

Despite the public milestone, Lime faces significant financial pressure. In its May IPO filing, the company expressed substantial doubt that it could continue as a going concern—an accounting term regarding business viability. Lime needs the IPO proceeds to help resolve around $1 billion in liabilities, more than half of which is due by the end of this year. Without these funds, the company stated it would need to find other sources of financing.

Lime’s public listing follows a turbulent period for the broader micromobility sector. Competitor Bird had to file for bankruptcy protection and restructure after going public, while Micromobility.com has been delisted from major exchanges, and Superpedestrian has gone out of business entirely. Amid this industry-wide consolidation, Lime has managed to grow its revenue, though it continues to post losses:

• 2023: Revenue of $521 million with losses of $122.3 million.
• 2024: Revenue of $686.6 million with losses of just $33.9 million.
• 2025: Revenue of $886.7 million with losses of $59.3 million, alongside an adjusted gross profit of more than $400 million.

Lime’s global scale now spans 230 cities across 29 countries. However, the company remains somewhat dependent on Uber, which owns 24% of Lime and accounted for more than 14% of its revenue last year. CEO Wayne Ting noted that the company waited to go public until it could prove it was a “free cash flow positive” business—a financial metric indicating a business generates more cash than it spends—which it achieved over the last three years.

Ting believes the public listing will help secure long-term municipal contracts. “I know a lot of cities don’t like the fact that they sometimes would bring an operator into the market and that operator will go out of business in six to 12 months. They want a long-term sustainable partnership, and now that we’re public, our financials are available to any city regulator looking to decide who’s going to be a good long-term partner,” Ting said.

Why it matters

The IPO provides Lime with capital to invest in growth and technology while validating its business model to city regulators, helping it secure long-term partnerships.