Lime, the electric scooter and bike-sharing company officially known as Neutron Holdings Inc., filed for a US initial public offering on May 8, 2026. The company plans to list on Nasdaq under the ticker “LIME,” with Goldman Sachs, J.P. Morgan, and Jefferies serving as underwriters.
Lime wants to use the proceeds to repay all of its outstanding debt, fund ongoing operations, and potentially acquire new technology.
The numbers tell two stories
Lime posted 2025 revenue of $886.7 million, a 29.1% increase from the prior year. Lime reported a net loss of $59.3 million for 2025, a figure that actually worsened compared to earlier periods. Lime has managed to generate positive free cash flow for three consecutive years.
The Bird problem
Bird, Lime’s most direct rival in the scooter-sharing space, went public in 2021 through a SPAC merger. Bird’s stock cratered after its debut, the company burned through cash at an alarming rate, and it eventually filed for bankruptcy. By 2024, Bird had been delisted following a 90% decline in market value.
Lime survived that era. Bird did not. Lime is Uber-backed, following a significant investment from the ride-hailing company in 2018, which further integrated Lime’s services into Uber’s app ecosystem.
Why the debt matters
Lime’s explicit intention to use IPO proceeds to repay all outstanding debt is the most telling detail in the filing. The liquidity concerns flagged alongside the filing add another layer. When a company acknowledges liquidity risk in the same breath as its IPO plans, it suggests the public offering isn’t just opportunistic, it may be necessary.
Revenue growth of 29.1% is strong, but the widening net loss needs a clear path to reversal. The underwriter roster of Goldman Sachs, J.P. Morgan, and Jefferies signals that serious banks believe they can sell this deal. Lime is betting nearly $900 million in annual revenue and a plan to zero out its debt will be enough to make investors forget what happened last time.
