Neutron Holdings

Neutron Holdings, Inc., widely known as Lime, recently completed its highly anticipated initial public offering (IPO), making its public market debut on the Nasdaq.

Lime is currently the world’s largest shared micromobility operator, defying a turbulent industry past that saw many of its early competitors (such as Bird) fall into bankruptcy.

Here are the key details of the company and its recent IPO:

IPO Profile & Valuation

• Ticker Symbol: LIME (Traded on the Nasdaq Global Select Market)

• IPO Date: July 1, 2026

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• IPO Share Price: $25.00 per share (landing exactly at the midpoint of its projected $24 to $26 range).

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• Market Capitalization: Approximately $1.63 Billion to $1.66 Billion based on roughly 65 million shares outstanding at launch.

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• Total Raised: $174 Million by offering around 7 million shares (which includes a small percentage of secondary shares sold by existing executives and co-founders).

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• Lead Underwriters: Goldman Sachs & Co. LLC, J.P. Morgan, and Jefferies.

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Key Financials & Business Performance (2025 Data)

• Revenue: $886.7 Million, marking a strong 29.1% growth year-over-year compared to 2024.

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• Net Profit/Loss: Postponed profitability with a net loss of $59.3 Million in 2025 (widening from a $33.9 million loss the previous year), primarily driven by capital expenditure on hardware.

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• Cash Flow: Despite the net losses, the company recorded its third consecutive year of positive free cash flow ($103.7 Million in 2025).

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• Use of Proceeds: Lime indicated that roughly $115 million of the capital raised will go directly toward paying down heavy short-term debt obligations coming due, with the remainder used for corporate operations and potential acquisitions.

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Major Investors & The Uber Relationship

• Uber’s Stake: Uber Technologies remains Lime’s most critical strategic partner and largest investor. Uber owns roughly 22% of Lime’s outstanding shares post-IPO and expressed intent to purchase an additional $20 million in shares during the offering.

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• Synergy: The partnership is deeply integrated—around 14% of Lime’s total revenue flows directly through the Uber app, where users can seamlessly discover and unlock Lime bikes and scooters.

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• Other Key Backers: Abu Dhabi’s Sapphire Direct Holding (~17%), Fidelity (~11.5%), and Andreessen Horowitz (~5%).

Operational Footprint

Founded in 2017 and led by CEO Wayne Ting, Lime has scaled significantly to achieve better unit economics.

• Global Scale: Operates a shared fleet of e-bikes and e-scooters across roughly 230 to 280 cities across 29 countries.

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• Top Markets: The United States (accounting for 32% of revenue) and the United Kingdom (accounting for 22% of revenue).

• Hardware Longevity: A massive driver behind Lime’s survival is its vehicle lifespan. Early generation shared scooters lasted only a few months; Lime’s current custom hardware costs about $1,300 per unit but has an estimated useful life of 5 years, allowing them to recoup hardware costs within the first year of deployment.