● Covered by 1 source · 1 reportMedium impact
Lime raises $167 million in IPO, valued at $1.66 billion
Key points
- Lime sold 6.68 million shares at $25 each during IPO.
- Company valued at $1.66 billion following IPO.
- Funds needed to cover liabilities of around $1 billion.
Lime Goes Public
Lime has officially become a public company after its IPO, raising $167 million. The company sold 6.68 million shares at $25 each, falling within the expected price range of $24 to $26. Shares began trading on the Nasdaq under the ticker "LIME," rising 9% in initial trading hours.
Valuation Context
The valuation set at approximately $1.66 billion is slightly lower than that of Bird, another micromobility competitor which went public through a SPAC merger in 2021. Lime CEO Wayne Ting emphasized the importance of demonstrating financial stability to the market prior to going public.
Financial Necessities
Lime expressed significant financial challenges in its IPO filing, citing substantial doubt about its ability to continue operations without the funds raised. The IPO proceeds are needed to manage approximately $1 billion in liabilities, with urgent obligations due by the year-end.
Market Resilience
The micromobility sector has witnessed considerable volatility, with companies facing harsh market conditions. Lime's journey reflects an effort to maintain resilience through various financial hurdles over the years, culminating in this IPO.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
Lime has raised $167 million in its IPO, marking its transition to a public company with a valuation of approximately $1.66 billion. This funding is crucial for addressing significant financial liabilities, as Lime navigates a challenging micromobility market.