Lime's stock soared 8% intraday on Wednesday, following its initial public offering on the Nasdaq Global Select Market. The electric bike and scooter rental company, operating as Neutron Holdings, began trading under the ticker symbol LIME.

The IPO was priced at $25 per share, the midpoint of the marketed range, raising approximately $174 million. Shares opened at $27, significantly above the offer price, indicating robust investor demand. The company, backed by Uber, saw its market capitalization reach about $1.63 billion at pricing.

Analysts note that Lime's business model in short-term urban mobility rentals is viewed as resilient amid technological shifts. Uber, which held a 24.4% stake pre-IPO, had expressed interest in purchasing up to $20 million worth of shares in the offering, further bolstering confidence.