Lime, the shared electric scooter and bike operator, has launched its initial public offering roadshow with a target of up to $180.9 million. The company is offering 6.96 million shares priced between $24 and $26 each, with a listing on the Nasdaq under the ticker symbol "LIME." At the top of the range, the offering would value the company at approximately $1.66 billion post-IPO.
Uber's Role and Financial Ties
Uber has indicated a non-binding interest in purchasing up to $20 million worth of shares in the offering, though it is not obligated to do so. Uber remains a key business partner for Lime, providing access to its app platform. In 2025, this channel generated 14.3% of Lime's revenue, and 14.0% in the first quarter of 2026. Lime paid Uber $15 million in service fees last year under their agreement.
Debt Repayment and Refinancing
Lime intends to use a substantial portion of the IPO proceeds to repay a $115 million senior secured term loan that matures on September 30. The loan carries a 10% interest rate and is backed by a $125 million guarantee from Uber. Repaying this debt would release Uber from its guarantee, making the IPO a critical refinancing event for the company.
Market Context and IPO Timing
The IPO comes as the U.S. equity market recovers from volatility linked to geopolitical tensions, including the Iran conflict. Lime's listing is a test for the shared micromobility sector, which has faced high operating costs, regulatory hurdles, and the exit of several competitors. The company's success could signal investor appetite for asset-heavy, permit-dependent business models.
Financial Performance and Scale
Lime reported revenue of $886.7 million for 2025, up from $686.6 million in 2024. Its net loss widened to $59.3 million from $33.9 million, while adjusted EBITDA improved to $218.1 million. The company operates in approximately 230 cities across 29 countries, serving 19 million riders as of the end of 2025. Notably, 94% of its 2025 revenue came from cities where it has operated for at least four years, underscoring the importance of established permits and local relationships.
Competitive Landscape and Risks
Lime faces competition from other micromobility firms such as Bird, Spin, Bolt, Dott, and Tier, as well as docked bike networks operated by Lyft or supported by municipal funding. The company's business is seasonal, asset-heavy, and subject to city-level permit regulations, which can limit fleet sizes and operational flexibility. Investors may view Lime more as a seasonal asset play than a scalable network, adding to its risk profile.
Post-IPO Ownership and Lock-Up
Following the offering, Uber is expected to retain a 21.9% beneficial stake, making it the largest disclosed shareholder. Shares held by Uber prior to the IPO are subject to transfer restrictions for up to two years, though any shares purchased in the IPO are not subject to these limitations.
