Uber-backed Lime seeks up to $1.66 billion valuation in US IPO

By Utkarsh Shetti

June 22 (Reuters) - ‌Uber-backed Lime is ​seeking ​a valuation of up to $1.66 billion in its U.S. IPO, as the electric bike and scooter network operator looks to capitalize ‌on improving investor appetite for new listings.

The IPO market has rebounded ⁠from volatility linked to the Iran war, with many hopeful issuers pushing ahead with their ‌plans to go public as ‌strong equity markets and blockbuster IPOs shore up investor demand.

Lime, which provides short-term rentals of electric bikes and scooters, and some selling shareholders ​are looking to sell about 6.96 million shares in total, priced between $24 and $26 apiece, aiming to raise up to $181.9 million.

"The valuation does not look ⁠excessive, because Lime is already large, global, and cash-generative, with decent financials as revenue has grown quickly ​over the past three years," said IPOX Research Associate Lukas Muehlbauer.

Uber, which led a funding round for Lime in ​2020, has indicated an interest in buying shares ‌worth up to $20 million in the offering, the filing said.

Lime's offering, however, would serve as a test of investor ⁠demand for the startup that operates in an industry facing high costs of doing business and regulatory hurdles.

"The stock may still trade at a discount, because the business ⁠is seasonal, regulated, asset-heavy, and exposed to city-level permit risk," Muehlbauer added.

The firm outlined ​in its prospectus that it has incurred net losses in every year since its inception. For 2025, it posted a net loss of $59.3 million on revenue of $886.7 million.

Lime, founded ‌in 2017 and helmed by former Uber executive Wayne Ting, operated in about 230 cities across 29 countries, as ‌of December 31, 2025.

The company, which filed for its public offering last month, ⁠has applied to list on the ‌Nasdaq under the ticker ​symbol "LIME."

Goldman Sachs, J.P. Morgan and Jefferies are among the underwriters for the offering.

(Reporting by Utkarsh Shetti in Bengaluru; Editing by ‌Shinjini Ganguli)

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