Micromobility firm Lime raises $167M in its IPO to address $1 billion in liabilities, trading under ticker LIME.
Lime raised $167 million in its initial public offering, selling 6.68 million shares at $25 each, within its $24 to $26 target range. The company’s valuation reached approximately $1.66 billion, slightly below Bird’s 2021 SPAC merger valuation.
The IPO follows years of delays, with CEO Wayne Ting previously targeting a 2022 debut before citing unfavorable market conditions. Lime’s filing in May warned of substantial doubt about its ability to continue as a going concern without fresh capital.
Proceeds will help repay $1 billion in liabilities, over half due by year-end. The micromobility sector has faced challenges, including Bird’s bankruptcy and industry consolidation.