Lime, the global shared micromobility company operated by Neutron Holdings, Inc., has launched its initial public offering on the Nasdaq under the ticker “LIME.” The company priced shares at $25.00, offering a total of 6,956,522 shares including those sold by selling stockholders. Lime plans to use the proceeds primarily to repay debt and for general corporate purposes.

Business Description

Lime operates a global shared micromobility platform that allows riders to rent e‑scooters, e‑bikes and seated e‑scooters for short urban trips using a mobile app. The company designs its own vehicles, uses an IoT stack to monitor and manage fleets, and leverages data-driven operations to deploy, charge, and maintain vehicles. Lime partners with cities through permitting processes and integrates with third-party platforms such as Uber and Google Maps to expand discovery and access.

Revenue is generated primarily through pay‑as‑you‑go rides (unlock plus per‑minute fees) and LimePass offerings, which include minute bundles and subscriptions (LimePrime). Competitive advantages cited include vertical integration (hardware, software, data, operations, and government relations), global scale and brand recognition, a long-standing Uber partnership, and a cost-efficient operating model designed to improve utilization and margins as the fleet grows.

Market Overview

  • Total addressable market: Company-estimated SAM of ~$6.1B today, with potential ~$12.0B at 30% adoption; long-term TAM of ~$69.1B with geographic expansion
  • Market growth: Secular tailwinds from urbanization, congestion mitigation, and sustainability policies driving adoption since 2017
  • Market position: ~27% market share across operated countries (2025), ~37% in the U.S.; ~35% dockless share globally and ~48% in the U.S.
  • Key competitors: Bird (and Spin), Bolt, Neuron Mobility (Beam), Voi, Dott (Tier), HelloRide, and Lyft’s docked systems
  • Industry trends: Shift toward low-emission urban transport, bike lane expansion, city permitting regimes, and multimodal integration with platforms like Uber and Google Maps

Operational Metrics

  • Customers: ~19 million riders in 2025; over 1 billion cumulative trips by more than 105 million riders since founding
  • Locations: Operations in ~230 cities across 29 countries as of December 31, 2025
  • Geographic presence: Principal markets include the U.S., U.K., France; diversified across North America, Europe, and other regions
  • Partnerships: Deep integration with Uber (approx. 14–16% of revenue in recent years) and visibility via Google Maps
  • Orders/GMV: RVD (revenue per vehicle per day) of $7.47 in 2025; pay‑as‑you‑go represented ~72% of 2025 revenue and LimePass ~28%
  • Other key metrics: Average operational fleet of 325,137 in 2025; MAU of ~3.8 million in 2025; operational fleet retention rate of 116% in 2025; iOS app rating 4.9/5.0 across ~2.2M reviews

Financials Highlights

  • Revenue (current): $886.7 million (2025)
  • Revenue growth: Up 29% year over year (2025 vs. 2024)
  • Gross profit: $345.4 million (39.0% margin)
  • Operating income: $70.4 million
  • Net income: Net loss of $(59.3) million

Management

  • Wayne Ting, Chief Executive Officer - Former Uber executive (Chief of Staff to the CEO; GM Northern California) and White House National Economic Council advisor.
  • Ann Gugino, Chief Financial Officer - Previously CFO of Papa John’s; senior finance roles at Target and Patterson Companies; began career at Ernst & Young.
  • James Rowan, Chair, Board of Directors - Former CEO of Volvo Cars and Dyson; global operations and consumer technology leadership.
  • Zhoujia Brad Bao, Director and Co‑founder - Former CEO of Lime; venture and operating experience including Tencent and Kinzon Capital.
  • Andrew Macdonald, Director - President & COO at Uber; previously led Uber’s global mobility business.

IPO Structure

  • Issuer: Neutron Holdings, Inc. (Lime)
  • Filing date: July 01, 2026
  • Proposed ticker: LIME
  • Exchange: Nasdaq
  • Price range: $25.00 per share
  • Offering size: $173,913,050 total (including selling stockholders)
  • Shares offered: 6,956,522 shares (6,679,791 by issuer; 276,731 by selling stockholders), plus 1,043,478-share over-allotment option
  • Lead underwriters: Goldman Sachs & Co. LLC; J.P. Morgan; Jefferies; Evercore ISI; Citizens Capital Markets; KeyBanc Capital Markets; Needham & Company; William Blair
  • Use of proceeds: Approx. $141.6M net to the company; ~$115.0M to repay the Senior Secured Term Loan, ~$4.8M and ~$2.8M for RSU tax withholding, and the remainder for general corporate purposes and potential acquisitions.

Original SEC Filing:

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