Shared electric bike and scooter operator Lime, which is backed by Uber (UBER.US), has officially initiated its process to go public in the United States. The company submitted an updated filing with the Securities and Exchange Commission on Monday, outlining plans to raise up to approximately $181 million through an initial public offering.
According to the filing, Lime's parent company, Neutron Holdings Inc., intends to offer 6.7 million shares at a price between $24 and $26 per share. Concurrently, certain existing shareholders plan to sell approximately 276.7 thousand shares. If priced at the top end of the range, the IPO would raise about $180.9 million, giving the company an implied valuation of around $1.7 billion.
The selling shareholders include members of the management team, such as Chief Executive Officer Wayne Ting, President Joseph Kraus, and co-founder Brad Bao.
About the Company and Its Market
Founded in San Francisco, Lime is one of the world's largest micromobility platforms, primarily offering short-term rentals of electric bicycles and scooters. Users can unlock vehicles via a mobile app and pay based on usage time. Its fleet of green shared vehicles is now available in over 230 cities globally, with operations spanning the United States, Europe, Australia, and other regions, from Sacramento to Sofia to Sydney.
Demand for Lime's services saw a significant surge during last year's London Underground strikes. CEO Wayne Ting stated in a letter to investors within the filing, "Lime was founded on a simple yet disruptive idea: that individuals and cities deserve a shared, affordable, and zero-carbon transportation future."
The shared micromobility sector has experienced considerable growth in recent years as cities worldwide promote green transportation. However, the industry has also faced a cooling of investor enthusiasm and consolidation. Data shows that Lime was valued at just $510 million during a 2020 funding round led by Uber, with participation from Google Ventures (owned by Alphabet GOOG.US, GOOGL.US) and Bain Capital Ventures. This marked a substantial decline from its peak valuation of $2.4 billion in 2019.
Financial Performance and Path to IPO
Lime had previously considered an IPO as early as 2021 but postponed the plan due to shifting market conditions and growth pressures. Financially, the company remains unprofitable, though revenue continues to grow rapidly. In 2025, Lime generated revenue of $886.7 million, an increase of approximately 29% year-over-year. Its net loss widened to $59.3 million, up from a loss of $33.9 million in 2024.
Regarding user scale, Lime's monthly active users reached 3.8 million in 2025, representing growth of over 20% year-over-year, indicating sustained demand for its platform.
Future Prospects and the Offering
Analysts suggest that the shared micromobility market where Lime operates still holds significant potential, driven by accelerating urban green transportation initiatives and ongoing demand for shared mobility. However, the company's lack of profitability remains a key focus. Investors will be watching its ability to further expand its user base, improve operational efficiency, and achieve sustainable profitability.
The IPO is being led by joint bookrunners Goldman Sachs (GS.US) and JPMorgan (JPM.US). Lime plans to list on the Nasdaq Global Select Market under the ticker symbol "LIME".
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