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Lime raises $167M in IPO after years of teasing a public debut
Micromobility company Lime has raised $167 million in its initial public offering (IPO). The nine-year-old scooter and bike firm, backed by Uber, sold 6.68 million shares at $25 each, the midpoint of its $24 to $26 range. Shares are expected to begin trading on the Nasdaq under the ticker “LIME” on Wednesday. Lime had considered an IPO for years. After a $523 million funding round in 2021, CEO Wayne Ting told TechCrunch the company aimed for a 2022 listing. He reiterated the idea in 2023, noting Lime was waiting for favorable market conditions. The long-anticipated IPO values Lime at about $1.66 billion, slightly below the valuation fellow micromobility company Bird achieved when it merged with a SPAC in 2021. Lime needs the funds. In its May IPO filing, the company expressed “substantial doubt” about its ability to continue as a going concern. It stated that the IPO proceeds are required to pay off approximately $1 billion in liabilities, more than half of which are due by the end of this year. Without the IPO, Lime told prospective investors, it would need alternative financing. Lime’s financial strain reflects the brutal micromobility industry over recent years. Bird filed for bankruptcy protection and restructured after going public. Other competitors have merged (Tier and Dott), been delisted (Micromobility.com), or gone out of business (Superpedestrian). Despite the chaos, Lime has grown revenue: $521 million in 2023, $686.6 million in 2024, and $886.7 million in 2025. It also trimmed losses from $122.3 million (2023) to $33.9 million (2024), though losses edged back up to $59.3 million last year. Growth has come from global expansion; Lime now operates in 230 cities across 29 countries. However, the company remains dependent on Uber, which owns 24% of Lime and accounted for more than 14% of its revenue last year (Uber allows Lime ride bookings through its app in some cities).