Technology

Electric scooters: Bird hits Wall Street, Lime bets on 2022

Published on 11/05/2021 2:36 PM

The company recovered approximately $ 414 million from the transaction. (Photo: 123RF)

New York – Bird, the American self-service scooter and electric bike rental company, made its Wall Street debut on Friday, while its competitor Lime announced it had raised $ 523 million pending a possible initial public offering in 2022. .

Bird, founded in 2017 and now present in 350 cities, had chosen to join forces with SPAC Switchback II, a non-active company already listed in New York.

Their merger was formalized on Friday with Bird’s arrival under the symbol NRDS on the New York Stock Exchanges, where the company is worth about $ 2.4 billion.

The company recovered around US $ 414 million in the deal, which it wants to use to grow, a statement said.

Lime, for its part, wants to use the $ 523 million raised through loans to continue its expansion to new cities and finance innovations, said a message on its site.

The Californian company claims to have almost twice the number of monthly subscribers in 2021 than its closest competitor and to be a leader in Europe and the United States. In addition to Bird, the startup faces in particular Tier, Voi, Dott or Wind.

The group is pleased to have negotiated with large metropolises such as London, Paris, and San Francisco for permits. It now offers more than 200,000 scooters and bicycles.

Lime CEO Wayne Ting mentioned in the post his intention to go public with the company in 2022, but did not elaborate on the schedule. He also did not specify whether he intended to do a traditional introduction or through a Spac.

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