Key facts
- Lime raised $167 million in its IPO by selling 6.68 million shares at $25 each.
- The company's shares began trading on the Nasdaq under the ticker "LIME" on Wednesday.
- Lime's valuation is pegged at approximately $1.66 billion following the IPO.
- CEO Wayne Ting emphasized the company's focus on achieving profitability and free cash flow positivity before going public.
- Lime reported revenues of $521 million in 2023 and $686.6 million in 2024, with losses reduced in 2024.
- The company operates in 230 cities across 29 countries and is backed by Uber, which owns 24%.
Micromobility company Lime has successfully completed its Initial Public Offering (IPO), raising $167 million and ending nearly a decade as a private entity. The company sold 6.68 million shares at $25 each, within its projected price range, and its shares commenced trading on the Nasdaq stock exchange under the ticker "LIME" on Wednesday afternoon. The stock saw an initial surge of approximately 9% in its first hour of trading.
The IPO values Lime at around $1.66 billion, a figure that falls just short of the valuation achieved by competitor Bird during its 2021 merger with a special purpose acquisition company. CEO Wayne Ting expressed that the journey to becoming a public company was challenging, marked by periods of uncertainty about Lime's survival.
Ting stated that the decision to go public was contingent on demonstrating Lime's durability and self-sustainability, evidenced by three consecutive years of free cash flow positive results. This financial strength, he believes, makes the current timing opportune for growth.
Lime's IPO proceeds are intended to address approximately $1 billion in liabilities, with over half due by the end of the current year. The company had previously indicated substantial doubt about its ability to continue as a going concern without securing additional financing.
The micromobility sector has been volatile, with competitors like Bird filing for bankruptcy and others merging or ceasing operations. Despite this, Lime has shown revenue growth, reporting $521 million in 2023 and $686.6 million in 2024, while significantly reducing its losses in 2024 to $33.9 million. The company operates globally across 230 cities in 29 countries and benefits from a strategic partnership with Uber, which owns 24% of Lime and facilitates bookings through its app.
Ting attributed Lime's financial sustainability to its focus on reducing unit costs and leveraging software and machine learning for operational management. He anticipates that public market access will amplify these advantages and foster stronger partnerships with cities, which seek reliable, long-term operators.