Neutron Holdings, Inc. (LIME) — IPO Dossier

Lime priced right in the middle of its range — $25 on a $24–26 book — to raise ~$173.9M. The Uber-backed e-scooter and e-bike brand nearly everyone has ridden arrives public with fast-growing revenue and a genuine question underneath it: the growth is real, but so are the losses.

Demand read

BDI 67 — ACTIVE (high confidence). A mid-range pricing signal (60) reflects steady, fair demand; a Tier-1 lead (Goldman, 90) anchors underwriter quality; industrials sector momentum contributes 50; market regime is supportive (68; VIX 16.4, SPY +0.78%). The ACTIVE read fits an in-range consumer-brand IPO with genuine growth and an open profitability question.

The Bellipo take

In-range pricing is the market saying "fair, not frenzied" — no above-range demand surge, no below-range discount. The BDI reads 67 ACTIVE. Lime is a rare thing: a consumer brand people actually use, growing 29% a year, with Adjusted EBITDA up to $218M. But GAAP net loss *widened* to $59.3M in 2025, ~14% of revenue rides on the Uber partnership, and the whole business lives at the mercy of city regulators. The story is a maturing micromobility leader with real scale and an unfinished profitability story — read the Adjusted number and the GAAP loss side by side.