Lime has moved closer to Wall Street after filing a public registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering. The San Francisco company, legally named Neutron Holdings, plans to list on the Nasdaq Global Select Market under the ticker “LIME,” although the share count, pricing range and timing have not yet been determined. The filing puts one of the best-known e-bike and e-scooter operators into the IPO pipeline after years in which shared micromobility companies faced shifting regulation, high operating costs and uneven investor confidence.
IPO Structure
The planned offering remains conditional on market factors and SEC effectiveness, meaning the company has not guaranteed that the transaction will be completed. Goldman Sachs and J.P. Morgan are leading the book-running team, while Jefferies, Evercore ISI, Citizens Capital Markets, KeyBanc Capital Markets, Needham & Company and William Blair are also listed as underwriters. In its prospectus, Lime says the offering is intended to raise capital, create a public market for its shares, support future access to equity markets and fund operations, including repayment of its Senior Secured Term Loan.
Business Scale
Lime describes itself as the largest global shared micromobility business, built around short-term rentals of e-bikes and e-scooters for urban trips that may replace car, taxi or public-transit journeys. As of December 31, 2025, it operated in about 230 cities across 29 countries and served approximately 19 million riders during the year, while its corporate materials say the platform has powered more than 1 billion rides across five continents. The company’s model combines hardware, software, local operations and government relations, and its relationship with Uber is a major distribution channel, with Lime vehicles available through Uber’s app in many shared markets and the integration generating $126.6 million of revenue in 2025.
Financial and Market Context
The filing shows a business growing quickly but still operating at a net loss, with revenue rising from $522.0 million in 2023 to $686.6 million in 2024 and $886.7 million in 2025. Net loss improved from $122.4 million in 2023 but widened to $59.3 million in 2025 from $33.9 million in 2024, while free cash flow reached $103.8 million in 2025 after $47.3 million in 2024. As of March 31, 2026, Lime reported $261.3 million in cash and cash equivalents, $962.8 million in current liabilities and total liabilities of $1.24 billion, giving investors both growth metrics and balance-sheet risks to weigh.
Reuters noted that Lime’s filing arrives as the U.S. IPO market is recovering from earlier weakness, with companies in technology, defense and biotechnology seeking listings. The same report emphasized that micromobility has been a difficult sector for investors, citing regulation, high operating costs and the bankruptcy of rival Bird, while LinkedIn News and related posts showed enthusiasm from former employees alongside scrutiny of revenue, losses and free cash flow. That reaction captures the central question around Lime’s debut: whether scale, brand recognition and the Uber channel can translate into durable profitability after the company enters the public markets.
Lime’s proposed IPO is newsworthy because it brings a globally recognized micromobility operator to the edge of public ownership at a pivotal time for urban transport. The company can point to expanding revenue, rider scale, positive annual free cash flow and a major strategic partnership, but it must also address continuing losses, seasonal cash pressure and a liability-heavy balance sheet. Until the SEC filing becomes effective and final IPO terms are announced, the offering remains both a company milestone and a broader test of investor confidence in shared e-bikes and scooters.