Lime, the electric bike and scooter rental startup backed by Uber (NYSE:UBER), has hired Goldman Sachs (NYSE:GS) and JPMorgan Chase (NYSE:JPM) to prepare for a U.S. initial public offering expected to launch next year, Reuters reports.
Founded in 2017, Lime operates in more than 280 cities across nearly 30 countries, offering short-term rentals for electric bikes and scooters. According to Reuters, the San Francisco-based startup has been considering a public listing for several years, but the current uptick in IPO activity may provide a timely window to execute the move.
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Lime's Financial Turnaround Gains Investor Attention
In February, Lime reported a 32% increase in net revenue, reaching $686 million for 2024. The company also confirmed that it was free cash flow positive for the second year in a row, a rare feat in the micromobility sector, which has historically struggled to stay afloat.
Lime CEO Wayne Ting described 2024 as "an exceptional year" for the company, citing strong results across key financial and operational metrics, including record profits and expanded global reach.
“We grew profits faster than revenue in 2024, posting another record year of results through serving more than 24 million riders in hundreds of communities around the world and bringing Lime to more cities globally,” Ting said in a statement. “While we saw record demand in 2024, we're just scratching the surface of micromobility's potential to transform cities and better connect people.”
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IPO Market Recovery Offers Fresh Opportunity
According to Reuters, the potential IPO follows a broader rebound in the U.S. public listing market, which raised nearly $27 billion in 2024 so far, a 45% increase compared to the same period last year.
Although the total still falls short of the 2021 record of $177 billion, companies like Circle Internet (NYSE:CRCL), which recently raised over $1 billion through an IPO, have signaled growing investor interest in growth-stage tech firms, Reuters says.
Lime's IPO may test investor sentiment in the micromobility space, where competitors like Bird have filed for bankruptcy in recent years, Reuters reports. Unlike others in its category, Lime received prior investment from Uber and is among the few micromobility firms still pursuing public markets. Uber led a funding round for Lime in 2020, at which time the company was reportedly valued at $510 million.
According to Reuters, sources familiar with the matter expect the upcoming IPO to value Lime significantly higher than its last reported valuation, although exact figures have not yet been disclosed.
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Lime Targets Urban Pollution With 43 Million Car Trip Replacements
Environmental sustainability remains a core focus for Lime as it scales globally. According to the company, Lime riders helped avoid an estimated 20,000 metric tons of CO₂ emissions in the last year by replacing car trips with shared electric vehicles.
Lime estimates its service replaced over 43 million car trips in 2024 and prevented the consumption of roughly 2.2 million gallons of gasoline, equal to approximately 8.5 million liters. The company says it also continues to lower its own operational footprint.
By offering electric scooters and bikes for trips under five miles, Lime says it aims to shift the way urban communities move while supporting city efforts to reduce traffic congestion and meet climate goals.
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