Lime's IPO sees demand six times available shares

Investing.com -- Lime's initial public offering drew demand for approximately six times the number of shares available, Bloomberg reported Wednesday.

The e-bike and e-scooter rental company, formally known as Neutron Holdings Inc., sold 6.68 million shares at $25 each, the midpoint of its marketed range of $24 to $26 per share. The offering raised $167 million.

Allocations in the offering were heavily concentrated among mutual funds placing anchor-size orders, according to the report. The 10 largest investors in the offering took more than 75% of the shares.

Trading is expected to begin later Wednesday on the Nasdaq Global Select Market under the ticker symbol LIME.

Goldman Sachs Group Inc., JPMorgan Chase & Co. and Jefferies Financial Group Inc. were among the banks working on the offering.

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