Lime is preparing for a $2bn initial public offering in the US, making it one of the few survivors in the battered bike-sharing sector. While competitors like Bird Global, Bluegogo and oBike filed for bankruptcy, the Uber-backed company has maintained momentum through strategic growth and operational improvements.

The key to Lime's resilience lies in fleet density and smart market positioning. Revenue per bike climbed 10% last year as the fleet expanded nearly 20%, while an Uber partnership exposed the service to millions of potential users. In London, Lime introduced the city's first dockless e-bikes, contrasting with centralized Santander cycles.

At a proposed 28x multiple on last year's $70m operating profit, the valuation aligns with Uber's growth trajectory. Management projects operating income could exceed $200m with a 15% utilization boost, though competition remains fierce—Richmond recently switched providers to Forest after Lime lost a bidding process.

Vehicle longevity has dramatically improved from one month in 2018 to five years today, reducing depreciation costs that plagued earlier entrants. While vandalism and theft persist, Lime's autonomous bikes hold a clear advantage over taxi services, positioning it as a sustainable urban mobility player.