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Lime is heading to the public markets with plans to raise up to $180.9 million in its US initial public offering, with Uber stepping in as the anchor investor. The deal would value the electric scooter and bike company at roughly $1.8 to $2 billion, making it the first dedicated micromobility operator to go public in nearly eight years.
Lime, formally operated by Neutron Holdings Inc., filed its S-1 registration statement with the SEC on May 8. The company currently operates in approximately 230 cities across 29 countries. Revenue hit $886.7 million in 2025, up from $686.6 million in 2024. Monthly active users are growing at a 19-21% clip year-over-year.
Uber’s role here goes deeper than simply writing a check. The ride-hailing giant has been intertwined with Lime since 2020, when it transferred its Jump bike operations to the scooter company. Today, 14.3% of Lime’s revenue flows through the Uber app, making Uber both a strategic partner and a distribution channel.
Lime has acknowledged a looming liquidity shortfall, driven primarily by $845 million in debt that comes due in the near term. The $180.9 million raise doesn’t fully cover that debt load — it’s roughly 21 cents on every dollar Lime owes, which means additional financing, debt restructuring, or some combination of both will almost certainly be necessary after the offering.
Bird, which went public via SPAC in 2021, eventually filed for bankruptcy. Lime has outlasted most of its competitors, but the sector has a track record of companies that burned through capital chasing growth.
A $1.8 to $2 billion valuation target implies roughly a 2x revenue multiple on 2025 figures. The 14.3% revenue concentration with Uber is simultaneously a strength and a vulnerability — if that relationship sours, Lime loses a meaningful chunk of its business. A successful Lime IPO could open the door for other operators to explore public listings; a stumble could freeze the sector’s access to public capital markets, much like Bird’s collapse chilled investor appetite across the space.
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English (US) · 