E-bike rental company Lime is considering going public on the New York Stock Exchange, according to its CEO Wayne Ting. Ting stated that Lime is prepared for an IPO, but is waiting for better market conditions to proceed. This decision comes after Lime achieved profitability for the second consecutive year in 2023, unlike some of its competitors in the industry.
While Lime reported a profit of $97 million last year and experienced a surge in global ridership, other companies like Bird and Tier have faced challenges. Bird, once valued at $1 billion, went bankrupt, and Tier had to downsize its workforce. Despite Lime’s success, the company has also faced criticism, especially in London, for the increasing number of abandoned e-bikes causing issues on pavements.
In a recent interview, Ting emphasized the importance of working closely with regulators and communities before expanding into new areas. He highlighted the differences between Lime’s approach and the aggressive expansion tactics employed by companies like Uber in the past. Ting, who previously worked at Uber, criticized the “win at all costs” mentality of the ride-hailing giant and stressed the importance of ethical business practices.
As Lime prepares for a potential IPO, the company’s focus on sustainable growth and partnership with regulators sets it apart from its competitors. Ting’s leadership and commitment to responsible business practices could position Lime as a successful player in the e-bike rental market.
