Lime Launches IPO Roadshow at $24–$26/Share, Targeting $1.66B Nasdaq Valuation

Micromobility's survivor test

Lime kicked off its Wall Street roadshow on June 22, 2026, pitching investors on a $24–$26 per share price range that implies a valuation of up to $1.66 billion.cnbc The electric scooter and e-bike company, formally Neutron Holdings, plans to list on the Nasdaq Global Select Market under the ticker LIME, with pricing expected the week of June 29 and Goldman Sachs and J.P. Morgan running the books.stocktitan The debut would mark the first major micromobility company to go public, arriving years after Bird collapsed in bankruptcy and most of the sector's early optimism evaporated.startupfortune

Revenue growth meets a debt wall

Lime's financials tell two distinct stories. Revenue grew 29% to $886.7 million in 2025 from $686.6 million in 2024, and adjusted EBITDA reached $218.1 million, while free cash flow turned positive at $103.8 million for the full year.stocktitan +1 The company operates in roughly 230 cities across 29 countries and served about 19 million riders during 2025.stocktitan

The harder story is the balance sheet. Lime disclosed roughly $845.8 million in debt principal payments due within 12 months as of March 31, 2026, against cash of about $261.3 million, and the S-1 filing carries explicit going-concern language stating the company cannot repay those obligations without completing the IPO and a related refinancing.stocktitan +1 Lime plans to direct approximately $115 million of the offering's $141.6 million in estimated net proceeds toward repaying its Senior Secured Term Loan, with the remainder for general corporate purposes.stocktitan

Uber as anchor and ally

Uber Technologies is more than a financial backer — it is woven into Lime's revenue stream. The ride-hailing giant became Lime's largest outside shareholder after transferring its Jump bike business to the company in 2020, holding approximately 24.4% of shares ahead of the offering.stocktitan Uber-related activity accounted for 14% to 16% of Lime's annual revenue, with Lime rides bookable directly within the Uber app in many markets.startupfortune For the IPO, Uber has indicated a non-binding interest in purchasing up to $20 million of shares.cnbc

IPOX Research Associate Lukas Muehlbauer told CNBC the valuation "does not look excessive, because Lime is already large, global, and cash-generative," while cautioning the stock "may still trade at a discount, because the business is seasonal, regulated, asset-heavy, and exposed to city-level permit risk."cnbc The offering arrives as the broader IPO market has rebounded from earlier-year volatility, with strong equity markets drawing a fresh wave of issuers to the public queue.cnbc +1

A sector with no clean precedent

Lime's public debut has no flattering comparison. Bird went public via SPAC in 2021 and filed for Chapter 11 in 2023.startupfortune Founded in 2017 and led by former Uber executive Wayne Ting, Lime has outlasted its largest rivals, but its net loss widened from $33.9 million in 2024 to $59.3 million in 2025 even as revenue surged.cnbc +1 For investors, the central question is whether Lime's trajectory represents a durable consumer franchise or a well-run survivor still racing against its own debt clock.