SAN FRANCISCO, June 22, 2026, 09:02 PDT
- Lime is offering 6.96 million shares at $24 to $26 each, putting the potential offering at as much as $180.9 million if shares price at the top of the range.
- Uber signaled it may buy as much as $20 million worth of shares and still brings in a large chunk of Lime’s revenue.
- Lime plans to use a big chunk of the IPO money to pay down a $115 million debt maturing in September that Uber guaranteed.
Lime started its U.S. IPO roadshow on Monday, looking to sell 6,956,522 shares at $24 to $26 each and list on Nasdaq as “LIME.” Pricing at the high end would bring in around $180.9 million, counting stock from current shareholders, and set Lime’s valuation near $1.66 billion after the sale. Business Wire
The timing is key because the U.S. IPO market has started to come back after volatility linked to the Iran war. That shift is letting growth companies try for new listings. Lime isn’t just another software name coming public. The deal is a test for shared micromobility in public markets — those short city trips under five miles on rented e-bikes and scooters — after years of high costs, local restrictions, and other players dropping out.
Balance-sheet moves are less obvious. Lime is set to get $141.6 million in net proceeds if the IPO prices at $25, with $115.0 million earmarked to pay off a senior secured term loan. That loan runs at 10% interest, matures Sept. 30, and has a $125.0 million guarantee from Uber. The SEC filing said repaying the loan would end Uber’s guaranty.
Uber’s involvement is now clearer. Reuters, citing The Information, reported earlier that Uber was set to be an anchor investor. But fresh language in Monday’s filing only says Uber-linked entities have shown non-binding interest in buying as much as $20.0 million worth of shares. They’re not locked in and could decide to buy more, less, or none at all.
Uber is tied into Lime’s business. Lime said people can get its e-bikes and scooters via Uber’s apps, and that channel brought in 14.3% of revenue in 2025 and around 14.0% in Q1 2026. Last year, Lime paid Uber $15.0 million in service fees under their deal.
Lime is bigger than other scooter firms that went public before. The company was in about 230 cities in 29 countries by the end of 2025, serving 19 million riders. Revenue reached $886.7 million for 2025, up from $686.6 million in 2024. Net loss widened to $59.3 million from $33.9 million. Adjusted EBITDA climbed to $218.1 million.
IPOX Research Associate Lukas Muehlbauer said the “valuation does not look excessive,” citing Lime’s global reach, scale and ability to generate cash. But he also cautioned that the shares might still trade at a discount since the company is seasonal, asset-heavy, regulated, and faces city-level permit risk. Reuters
City-level numbers look just as key as rider growth for Lime. The company said 94% of 2025 revenue came from cities it’s been in at least four years, pointing to the importance of old permits and local ties. Permits usually cover things like fleet size, deployment spots, parking, and running stats, according to the filing.
Lime still faces a crowded micromobility field. The company says Bird, Spin, Bolt, Dott and Tier are all close rivals for scooter and bike share, and docked bike networks operated by Lyft or backed by city funds are also in the mix for both riders and city contracts.
Lime could face public market investors seeing it more as a seasonal asset play, not a mobility network. The company has posted annual net losses since launch. Its business relies on city permits, rider demand in warm weather, spending on vehicles, and staying in dense cities. If the IPO market cools, Uber cuts its involvement, or city rules tighten, risks could rise.
Uber will keep a 21.9% beneficial stake after the offering, still the biggest disclosed holder, unless it adds to its position in the IPO. Shares it owned before the offering are subject to transfer limits for up to two years, but that restriction doesn’t cover any IPO shares it buys.
Lime’s planned listing isn’t only about its e-bike and scooter business. It’s a refinancing move aimed at a big September debt wall, a message to Uber, and a check on whether the market will treat its city permits like a network instead of just a pile of aging vehicles.
