Lime has raised $167 million in its IPO, selling 6.68 million shares at $25 each. The company's valuation is now around $1.66 billion. Lime has been considering an IPO for years, and the funds are needed to pay around $1 billion in liabilities.
The micromobility industry has proven to be challenging, with competitors facing bankruptcy and restructuring. However, Lime has managed to improve its revenue over the last few years, generating $886.7 million in revenue last year.
The company's growth has come largely from its ability to scale globally, operating in 230 cities across 29 countries. But Lime is also dependent on Uber, which owns 24% of the company and accounted for more than 14% of its revenue last year.
