Lime, formally Neutron Holdings, successfully raised $167 million through its initial public offering on the Nasdaq Stock Market under the ticker LIME. The company sold 6.68 million shares at $25 each, which was the midpoint of its target range. This IPO values Lime at approximately $1.66 billion. Uber, a significant existing shareholder with a 24.4% stake, acted as an anchor investor, indicating an interest in purchasing up to $20 million of shares in the offering. This move highlights Uber's continued support for Lime, with which it already has a deal extending to 2028, and processes about 14% of Lime's revenue through its app.
The IPO proceeds are crucial for Lime, serving as a balance-sheet restructuring to address its significant debt. As of March 31, 2026, Lime reported approximately $845.8 million in debt principal payments due within 12 months, against $261.3 million in cash and equivalents. The company explicitly stated that it did not have sufficient liquidity to repay these obligations without the IPO. It plans to use about $115 million of the net proceeds to repay its senior secured term loan, which carries a 10% interest rate and matures in September 2026. This repayment will also release Uber from a guarantee covering up to $125 million of Lime's obligations. Additionally, approximately $587.6 million in convertible notes are expected to convert into common shares, converting debt into equity and significantly increasing the share count for existing noteholders.
Despite achieving $886.7 million in revenue in 2025, up from $686.6 million in 2024, Lime reported a net loss of $59.3 million in 2025, wider than the $33.9 million loss in 2024. The company generated positive free cash flow for full-year 2025 but saw it turn negative by about $79.2 million in the first quarter of 2026, attributed to seasonality and fleet capital spending. Lime operates in over 230 cities across 29 countries, and its pitch to investors relies heavily on growth, with monthly active users increasing by over 20% to 3.8 million in 2025. The IPO's success is vital for Lime's ability to continue as a going concern, as its filings contained explicit 'substantial-doubt' language regarding its solvency without this capital raise.
