Micromobility company Lime has begun public trading on the Nasdaq under the ticker "LIME" after raising $167 million in its initial public offering (IPO). The company priced its shares at $25 each, the midpoint of its marketed range, and expects net proceeds of approximately $141.6 million. Shares saw an initial jump of about 9% in their first hour of trading, concluding nearly a decade as a private entity. Uber is a notable backer of the electric-bike and scooter rental firm.
Lime, an electric-bike and scooter rental company, has commenced public trading on the Nasdaq under the ticker symbol "LIME." This move follows the company's initial public offering (IPO), which raised $167 million and concluded nearly a decade of operations as a private entity. The IPO priced its shares at $25 per share, aligning with the midpoint of its marketed range.
Lime anticipates net proceeds of approximately $141.6 million from the offering. In its first hour of trading on Wednesday, the company's shares experienced a notable increase, jumping approximately 9%. Uber is identified as a significant backer of the micromobility firm. The company's journey to public trading was marked by years of uncertainty before this milestone.
This IPO represents a significant financial event for Lime, allowing it to access public markets after a prolonged period of private operation. The pricing at $25 per share indicates investor confidence within the specified range, and the initial stock performance suggests a positive market reception. The funds raised are expected to support the company's ongoing operations and potential expansion within the competitive micromobility sector.
Lime, an electric-bike and scooter rental company, has commenced public trading on the Nasdaq under the ticker symbol "LIME." This move follows the company's initial public offering (IPO), which raised $167 million and concluded nearly a decade of operations as a private entity. The IPO priced its shares at $25 per share, aligning with the midpoint of its marketed range.