Lime Hits the Road to Wall Street With a $1.66 Billion IPO Bid

Scooters hit the street — and Wall Street

Electric scooter and e-bike operator Lime kicked off its IPO roadshow on Monday, June 22, offering approximately 6.96 million shares at $24 to $26 apiece and targeting a fully diluted valuation of up to $1.8 billion on the Nasdaq under the ticker LIME.stocktitan +1 The San Francisco company, which operates in roughly 230 cities across 29 countries, is aiming to raise as much as $181.9 million — making it the first major micromobility company to attempt a public-market debut at scale.cnbc +1 Uber, which acquired a significant stake in Lime after transferring its Jump bike business in 2020, has indicated interest in purchasing up to $20 million in shares, representing about 11.5% of the deal.renaissancecapital

Revenue growth, but debt maturities loom

Lime's financial trajectory is hard to ignore. Revenue rose from $521 million in 2023 to $686.6 million in 2024 to $886.7 million in 2025 — a 29.1% year-over-year gain — while adjusted EBITDA climbed to $218 million and free cash flow reached $103.8 million in 2025.startupfortune For the twelve months ended March 31, 2026, revenue reached $928 million, with 3.1 million monthly active users and 19 million riders served in 2025.renaissancecapital The company holds roughly a 27% share of global shared micromobility and 37% in the United States.renaissancecapital

The balance sheet, however, tells a more precarious story. Lime had just $261 million in cash at the end of March while facing roughly $675.8 million in principal payments on convertible notes and a term loan due by the end of 2026.startupfortune The S-1 includes explicit going-concern language — the company says its ability to continue as a going concern depends on the IPO proceeds or successfully refinancing its obligations.startupfortune Net losses also widened from $33.9 million in 2024 to $59.3 million in 2025, even as revenue expanded.cnbc

The Uber dimension

Uber's role is more than a cap-table footnote. Lime rides already surface inside Uber's app in select markets, and Uber-related activity accounted for an estimated 14% to 16% of Lime's annual revenue.startupfortune That integration transforms Uber into a built-in distribution channel — when a trip is too short for a driver, the app can steer users toward a Lime bike or scooter instead. If Lime prices well, Uber books an appreciation on its stake; if the IPO falters, Uber retains commercial reasons to keep the relationship intact.

A sector littered with cautionary tales

Micromobility has not produced a clean public-market success story. Rival Bird went public through a SPAC and filed for Chapter 11 in 2023, a trajectory that has left investors cautious.startupfortune IPOX research associate Lukas Muehlbauer told CNBC that Lime's valuation "does not look excessive" given its scale and cash generation, but cautioned that "the stock may still trade at a discount, because the business is seasonal, regulated, asset-heavy, and exposed to city-level permit risk."cnbc Goldman Sachs, J.P. Morgan, and Jefferies are joint bookrunners, with pricing expected the week of June 29.renaissancecapital