NEW YORK, July 1, 2026, 17:01 (EDT)
- Neutron Holdings, Inc. NASDAQ:LIME, Lime’s parent, finished its Nasdaq debut at $26.00, a gain of 4% from its IPO price of $25.
- Lime offered 6.96 million shares in the IPO, but public investors got just 10.9% of the shares outstanding after the sale, not counting any underwriter option.
- Lime’s balance sheet flipped, with pro forma working capital up to $289.9 million, reversing from a $529.0 million shortfall.
- The next test comes with light trading. Nasdaq shuts on Friday, July 3, for Independence Day.
Neutron Holdings, Inc. NASDAQ:LIME ended its Nasdaq debut at $26.00, up 4% from its $25.00 IPO price. The shares opened at $27.00 and reached $28.95 during the day. In after-hours action at 4:36 p.m. EDT, the stock last traded at $25.90 after the close.
Lime finished its first day with only a modest gain. The bigger story was the change on the balance sheet. Shares closed giving the company a $1.66 billion market cap, working out to roughly 1.9x projected 2025 revenue and 16x free cash flow for 2025. That’s based on 64.03 million post-IPO shares and numbers from the prospectus.
| First-day tape | Figure |
|---|---|
| Shares priced at | $25.00 |
| Started trading at | $27.00 |
| Finished day at | $26.00 |
| Close from IPO price | +4.0% |
| Traded between | $26.00-$28.95 |
| Shares traded | 3.67 million shares |
| Market cap on close | $1.66 billion |
Lime sold about 6.68 million new shares, raising $167 million for its own use. Existing shareholders offloaded another 276,731 shares, bringing the total share count in the deal to 6.96 million. Lime isn’t getting any cash from the shares sold by existing holders.
The float is key here. IPO shares made up 10.9% of Lime’s common stock right after the deal, according to its prospectus. Existing holders kept 89.1%. About 53% of the IPO shares traded on the first day, comparing closing market data with the offering size.
IPOX Research Associate Lukas Muehlbauer described the debut as “measured rather than euphoric.” He said Lime has to prove it can sustain growth through all seasons and cycles, and can’t just rely on adding more vehicles or boosting capex. Reuters
Lime’s key issue is whether it can keep lifting revenue per vehicle. The company’s average operational fleet increased to 325,137 vehicles in 2025, up from 229,405 in 2023. Revenue per vehicle per day also climbed, hitting $7.47 from $6.23. Monthly active users reached 3.79 million, up from 2.64 million.
| Operating metric | 2023 | 2025 | Change |
|---|---|---|---|
| Average operational fleet | 229,405 | 325,137 | up 42% |
| Revenue per vehicle per day | $6.23 | $7.47 | up 20% |
| Monthly active users | 2.64 million | 3.79 million | up 44% |
| Revenue | $522.0 million | $886.7 million | up 70% |
| Net loss | $122.4 million | $59.3 million | loss shrank |
That’s why closing at $26 means more than just a debut print. Lime stock now depends on showing that vehicle yield keeps rising as city density rises. CEO Wayne Ting told Reuters Lime’s best growth shot has been in cities they’re already in, since adding vehicles increases density and reliability.
Uber Technologies Inc. NYSE:UBER remains a key player. The company owns just over 20% of Lime and features Lime scooters in its app. Uber-related groups have also signaled they might pick up as much as $20 million of Lime’s IPO stock.
The IPO also fixed up a capital stack that had looked tight. As of March 31, Lime showed $261.3 million in cash with a $529.0 million working-capital deficit. On an adjusted basis after the IPO, debt paydown and related deals, cash was $290.7 million, working capital swung to $289.9 million, and balances on the term loan, 2020 notes, and 2021 notes dropped to zero.
| Balance-sheet item | March 31 actual | Pro forma after IPO |
|---|---|---|
| Cash and equivalents | $261.3 million | $290.7 million |
| Working capital | $(529.0) million | $289.9 million |
| Term loan, current | $114.2 million | $0 |
| 2020 notes | $209.6 million | $0 |
| 2021 notes, current | $682.9 million | $0 |
| Stockholders’ equity | $(565.7) million | $577.0 million |
Lime reported a net loss of $61.3 million for the first quarter of 2026, with revenue at $170.2 million. A year ago, Lime lost $56.0 million on $129.0 million in revenue. According to the company, free cash flow was negative in the quarter, citing weather disruptions and fixed costs, plus higher capital spending earlier in the year.
Ting rejected claims that Lime should get an app-only valuation, arguing it has a “physical product” and that the core need for transport is still there. Reuters
The deal is set to close July 2. Nasdaq’s 2026 market holiday calendar shows July 3 is closed for Independence Day.
