Lime seeks up to $1.66 billion valuation in US IPO

Investing.com -- Lime, the electric bike and scooter rental company backed by Uber, plans to raise funds through a U.S. initial public offering that could value the firm at up to $1.66 billion.

The San Francisco-based company and certain selling shareholders plan to offer approximately 6.96 million shares at a price range of $24 to $26 per share. Lime will sell 6,679,791 shares of common stock, while selling stockholders will offer an additional 276,731 shares.

The company stated it will not receive any proceeds from the shares sold by the selling stockholders.

Lime, which operates under the legal name Neutron Holdings, filed for its public offering last month. The company provides short-term rentals of electric bikes and scooters across approximately 230 cities in 29 countries.

Wayne Ting, a former Uber executive, leads the company, which was established in 2017.

The firm has applied to list on the Nasdaq under the ticker symbol "LIME." Goldman Sachs, J.P. Morgan and Jefferies serve as lead underwriters for the offering. Evercore ISI, Citizens Capital Markets, KeyBanc Capital Markets, Needham & Company and William Blair will act as additional bookrunners.

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