Lime, a micromobility firm, has secured $167 million from its IPO, concluding nearly ten years as a privately-held entity marked by significant valuation fluctuations as it navigated several major hype cycles and a worldwide pandemic.

The scooter and bike enterprise, which is supported by Uber, offered 6.68 million shares at $25 each, aligning with the mid-point of its price spectrum between $24 to $26. Its shares commenced trading on the Nasdaq under the ticker “LIME” on Wednesday afternoon, experiencing an approximate 9% increase within the first hour.

This anticipated IPO establishes Lime’s market value at roughly $1.66 billion, just below the valuation attained by fellow micromobility firm Bird during its merger with a special purpose acquisition company in 2021.

“Maintaining resilience, patience, belief, and optimism about overcoming challenging periods [has] truly yielded long-term benefits, especially during numerous days, weeks, and months when I wasn’t certain if Lime could survive the next three or four months,” CEO Wayne Ting conveyed to TechCrunch in a Wednesday interview. “Being here today as a public entity feels immensely rewarding, and it required considerable heart, effort, and perseverance to reach this milestone.”

Lime has been contemplating an IPO for several years. Following a $523 million funding round in 2021, Ting indicated to TechCrunch that the company was targeting an IPO in 2022. He reiterated this ambition in 2023, mentioning that Lime was still awaiting favorable market conditions.

Ultimately, however, Ting asserted that he wished to go public only when he could demonstrate to the market that Lime was a significantly more robust company compared to Bird.

“We believed it was essential to show that we would operate as a self-sustaining, profitable business generating positive free cash flow, which only materialized over the past three years, resulting in three years of positive free cash flow results,” he stated. “I believe the timing is opportune, as the business is strong. We still have considerable growth potential ahead.”

Lime is in need of the funding. In its IPO filing from May, the company expressed “substantial doubt” regarding its ability to persist as a viable entity. Lime noted that it requires the proceeds from its IPO to address approximately $1 billion in liabilities, with over half due by the end of this year, although some of this debt can be converted. Without an IPO, Lime informed prospective investors that it would need to seek alternative financing sources.

Lime is operating on that financial precipice, as the micromobility sector has proven fairly ruthless in recent years, even during prosperous times. Bird was compelled to seek bankruptcy protection and restructure after going public, while other competitors have either merged (Tier with Dott), been delisted from major exchanges (Micromobility.com), or ceased operations altogether (Superpedestrian).

In the midst of the turmoil, Lime has been able to enhance its revenue in recent years. It reported $521 million in 2023, $686.6 million in 2024, and $886.7 million in the previous year. The company also reduced its losses from $122.3 million in 2023 to merely $33.9 million in 2024, although that figure rose again in 2025 to $59.3 million. (The firm announced an adjusted gross profit of over $400 million in 2025, excluding costs like depreciation.)

This growth mainly stems from Lime’s capacity to expand globally. It currently operates in 230 cities across 29 nations. However, the company is also somewhat reliant on Uber, which owns 24% of Lime and contributed over 14% to its revenue last year. (Uber allows users to book Lime rides via its app in select cities.)

Ting mentioned that Lime’s emphasis on reducing unit costs and utilizing software and machine learning to optimize operations city by city have been instrumental in fostering a more financially sustainable enterprise. He anticipates that these advantages will only improve now that Lime has entered the public markets.

“This provides us with more capital to invest in growth and expand Lime, reinvesting in our technology. I believe many of the advantages we have as the sole skilled operator and profitable operator will only amplify now that we are public,” he remarked. “It’s a matter of incremental progress, and we’re continuously seeking that 1% to 2% enhancement.”

Ting also expressed his belief that becoming a public entity will motivate more cities to collaborate with Lime.

“I understand many cities are frustrated when they bring an operator into the market, only for that operator to shut down within six to twelve months. They desire a sustainable long-term partnership, and now that we’re public, our financial information is accessible to any city regulator determining who will be a strong long-term partner,” he elaborated.

This article has been revised with details regarding Lime’s stock trading commencement and insights from CEO Wayne Ting’s interview.