Lime goes public in US, raises $174 million at $1.6B valuation
Business
Lime, the electric scooter company you've probably seen zipping around cities, just went public in the US and raised $174 million.
Shares were priced at $25 each, landing Lime a big leap in value, from $510 million in 2020 to $1.6 billion today.
Even CEO Wayne Ting and co-founder Brad Bao sold some of their own shares during the IPO.
Lime posted $59.3 million loss last year
Lime is now rolling in more than 230 cities across five continents, with rides starting at just $1 to unlock plus about $0.50 per minute.
Last year, they had 3.8 million monthly users hopping on their scooters.
But it's not all smooth riding: Lime posted a net loss of $59.3 million last year despite nearly $887 million in revenue.
And after this IPO, Uber's stake drops to 22%.