Closing on a $523 million funding round from investors, electric transportation company Lime is hoping to hit the stock market as early as 2022.
The funding round is a combination of convertible debt and debt financing. Bloomberg reported that $418 million in convertible debt came from investors like Fidelity Management & Research Company and Uber Technologies Inc. Of that, $105 million was provided by UBS O’Connor as a senior secured term loan.
The new round of funding, company CEO Wayne Ting said in a press release, will go toward ramping up production of its electric bikes and scooters.
Based in Santa Monica, Calif., Lime currently has over 200,000 vehicles in its network but will need more as it expanded to over 80 new cities in the last year alone.
Ting also told Reuters that the company could go public as early as the summer of 2022, although he is "agnostic" on whether it will happen as an initial public share offering (IPO) or a merger with a special purpose acquisition company.
"This investment secures our path to take Lime public in 2022 and will allow us to double down on our newest generation of e-bikes and e-scooters, as well as additional modes, to ensure people have reliable access to affordable, shared, carbon-free transportation," Ting said.
Launched in 2014, Lime had initially started out as a bike sharing company. Now most commonly associated with its popular electric scooters, Lime has also recently expanded to include mopeds, electric bikes and electric cars.
Lime's primary rival, the Santa Monica-based Bird (BIRD), went went public valued at around $2.3 billion in May. BIRD shares are currently down 0.27% to $25.88.