Lime Company successfully placed its shares on the Nasdaq stock exchange
Lime, one of the world's largest operators of electric scooter and bicycle rentals, has completed the process of publicly listing its long-awaited shares and officially became an open joint-stock company. This was reported by Zamin.uz.
After nine years of operation, during which the startup faced various financial difficulties and went through pandemic-related restrictions from scratch, it successfully launched its shares for trading on the Nasdaq stock exchange, as reported by international media outlets.
During its debut trading, the company managed to raise $167 million in capital. Lime, supported by Uber, sold a total of 6.68 million shares at $25 each.
This figure falls within the midpoint of the previously projected price range. Once trading began on the exchange, the share price in the first hour rose by 9 percent.
According to analytical data, as a result of this process, Lime's total market valuation is estimated at approximately $1.66 billion. While this figure is close to the results achieved several years ago by its main competitor, Bird, Lime's management emphasizes that its business model is now much more stable.
Lime CEO Wayne Ting admitted in an interview that reaching today's stage was not easy for the company. According to him, the company has repeatedly come close to bankruptcy, and there were periods when its future was in question.
Today, operating as a public company is the result of great effort and patience. The micromobility market has become a significantly more complex environment in recent years.
For example, while Bird was forced to file for bankruptcy, other competitors sought to preserve their operations through mergers. Some projects have completely exited the market.
Under these circumstances, Lime succeeded in significantly increasing its revenue. The company's annual turnover grew from $521 million to $886.7 million.
Nevertheless, the company still faces serious financial obligations. According to the submitted documents, Lime disclosed that it has debt obligations amounting to nearly $1 billion.
A significant portion of this debt must be repaid by the end of the current year. The funds raised from the share sale are intended precisely to settle these obligations and further expand the business.
At a time when scooter rentals are becoming widespread even in developing markets like Uzbekistan, the success of a global leader like Lime in the stock market is seen as a positive sign for investors in the sector. The company reports that it has been generating operating profit for the past three years and has now entered a phase of sustainable development.
