Lime, the Uber-backed electric scooter and bike sharing startup, has applied to list on the Nasdaq stock exchange. The company aims to raise $181.9 million, potentially valuing it at $1.8 billion.
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After nearly five years of teasing the move, Lime—formally known as Neuron Holdings—plans to sell nearly 7 million shares of its common stock. The expected IPO price is between $24 to $26 per share.
Despite its presence in 230 cities and steady revenue growth, Lime has reported net losses each year since its founding in January 2017. The company now reports $845.8 million due in the next 12 months, but does not have enough liquidity to repay it. Without the IPO, Lime says it could go out of business.
Uber: A longtime partner turned key investor
Uber—which has partnered with Lime since July 2018—is stepping in as an anchor investor. The ride-booking platform plans to purchase up to $20 million of Lime’s stock at the IPO price.
This is not the first time Uber has lent a hand: Uber invested $170 million in Lime after the Covid-19 pandemic. The deal helped Lime acquire Jump–Uber’s previous e-bike and scooter-sharing system.
Lime signed a deal with Uber through 2028, though Uber has unilateral termination and can end the partnership at any time. But the IPO looks good for Uber, which currently owns 14 million Lime shares. If Lime prices its IPO at the median price, Uber’s stake is set to be worth about $350 million.
Lime rivals took a nosedive. Will Lime follow suit?
Lime is part of the wider micromobility industry, which historically faced high business costs and regulatory hurdles. The business model is seasonal and depends on city permits, meaning most micromobility stock trade at a discount.
Lime’s longtime rival Bird filed to go public in 2021 with a $2.3 billion valuation. The so-called unicorn looked promising after becoming the fastest US startup to hit a $1 billion valuation, but later revealed it had overstated revenues by counting money from unpaid rides.
Bird was delisted from the NYSE in September 2023. It filed for bankruptcy later that year before being acquired by Third Lane Mobility in April 2024.
Bird suffered from a number of personal injury lawsuits. Lime faces similar suits, and disclosed $56.3 in unsettled injury disputes ahead of the IPO.
Despite debt, Lime still has some juice left
Goldman Sachs and J.P. Morgan are Lime’s lead book-running managers. If refinanced properly, the IPO could convert Lime’s loans to equity.
Lime plans to use the IPO’s proceeds to repay debts, reach new cities, and launch new projects—cementing it as the world’s largest globally shared micromobility business.
Lime is rumored to begin trading on the Nasdaq on July 1, 2026 under the ticker symbol “LIME.”
This post originally appeared at fastcompany.com
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