Electric bike and scooter rental company Lime plans to raise capital through a U.S. initial public offering, with the offering valuing the company at up to $1.66 billion.
Lime, which operates under the legal name Neutron Holdings, plans to offer approximately 6.96 million shares in its Nasdaq IPO at a price range of $24 to $26 per share. The company stated it will not receive proceeds from shares sold by the selling shareholders. Founded in 2017, Lime provides short-term rentals of electric bikes and scooters across roughly 230 cities in 29 countries. The company is led by CEO Wayne Ting, a former Uber Technologies (NYSE: UBER) executive, and has built one of the largest global shared micromobility networks serving urban transportation markets, Reuters reported.