Lime prices IPO at $25 midpoint as micromobility tests public markets

Uber-backed Lime raised $167 million in its US initial public offering Wednesday, pricing at the midpoint of its marketed range as the first major listing to test investor appetite after weeks of Iran-induced market volatility.

"The IPO market needed a clean print to rebuild confidence, and Lime delivered one," said Tom Brennan, IPO and M&A analyst at Edgen. "A midpoint pricing signals steady demand without the froth that would have characterized this deal six months ago."

The company, formally known as Neutron Holdings, sold 6.68 million shares at $25 apiece, within the $24 to $26 range it had marketed. Shareholders including Chief Executive Wayne Ting, President Joseph Kraus and co-founder Brad Bao sold an additional 276,731 shares. The stock begins trading on the Nasdaq under the ticker LIME at a valuation of roughly $1.7 billion.

Lime's listing is the first major test of the equity capital markets since the Iran conflict triggered a weeks-long shutdown of new issuance. A successful debut could pave the way for a pipeline that includes multibillion-dollar offerings from artificial intelligence leaders Anthropic and OpenAI — companies that could collectively be worth trillions of dollars. A failure would have signaled continued fragility and extended the IPO drought.

The electric scooter operator booked about $928 million in revenue for the 12 months through March 2026, with monthly active users rising more than 20 percent year over year. Yet profitability remains elusive: net loss widened to $59.3 million in 2025 from $33.9 million a year earlier, underscoring the tension between growth and margins that has plagued the micromobility sector.

Uber Technologies Inc., which owns more than 10 percent of Lime and guarantees some of its debt, served as the anchor investor — a relationship that lent credibility to a listing in a category littered with failed rivals. Lime operates in roughly 230 cities across 29 countries, making it the last venture-backed micromobility player standing after years of consolidation.

The last major micromobility IPO was eight years ago, and the sector has since burned through cash and investor confidence. Lime's ability to price at the midpoint — rather than being forced to discount — suggests institutional buyers see value in its scale and Uber backing, even as losses widen.

For the broader IPO market, the stakes extend beyond scooters. Investment banks have been preparing for a wave of mega-tech listings that could collectively raise tens of billions of dollars. A successful Lime debut provides the template: price realistically, lean on a credible backer, and let the market decide from there.

This article is for informational purposes only and does not constitute investment advice.