Lime parent Neutron Holdings (LME) priced its U.S. IPO at $25 per share, raising $174 million in a deal backed by Uber Technologies NYSE:UBER.
The electric scooter and bike rental company priced the offering at the midpoint of its expected $24 to $26 range. Lime sold 6.68 million shares, while existing shareholders, including CEO Wayne Ting, president Joseph Kraus and co-founder Brad Bao, sold 276,731 shares.
The IPO gives public investors a new way to bet on micromobility, a market built around short-distance urban transportation and app-based rentals. Lime has become one of the better-known names in the space, helped by city partnerships and Uber's backing.
For Uber, the listing offers a potential valuation marker for one of its mobility investments. For investors, the key question is whether Lime can turn urban scooter and bike demand into durable profitability. The next thing to watch is how LME trades in its market debut.