Lime IPO: Green Bikes Ride to Wall Street

Uber-backed electric bike and scooter operator Lime has initiated the process for a US initial public offering, aiming to list on the Nasdaq under the ticker "LIME". This move is a critical test for investor appetite in the micromobility sector, which has faced significant headwinds.

Lime, founded in 2017, operates in over 280 cities globally. The company's financial filings reveal a mixed performance, with revenue climbing 29 per cent year on year in 2025 to $886mn. However, this growth was accompanied by a 75 per cent surge in net losses, reaching $59.3mn during the same period. In 2024, Lime generated nearly $700mn in revenue and posted adjusted earnings of $140mn.

The company's valuation has seen a dramatic decrease. Most recently valued at approximately $500mn in 2020 following a significant investment from Uber, this marked a sharp decline from its pre-pandemic valuation of $2.4bn. This financial trajectory mirrors struggles faced by competitors, such as Bird, which filed for bankruptcy in 2023 after substantial losses.

Led by former Uber executive Wayne Ting, Lime has been working to rebuild its operations following pandemic-induced restrictions. The company secured $170mn at a $510mn valuation in May 2020, with Uber acquiring a roughly 29 per cent stake. This also included Uber's Jump e-bike and scooter business. Lime continues to compete with other players like Voi, Forest, and Lyft's Motivate, differentiating itself with its dockless system, though this has drawn criticism for street clutter.