French Defense Firm ST Group Set for Blockchain-Based IPO on Lise Exchange
Blockchain-powered stock exchange Lise based in France is preparing to launch what it calls a completely onchain initial public offering for ST Group, with shares being distributed as digital tokens on distributed ledger technology.
Lightning Stock Exchange (Lise), a blockchain-powered stock trading platform based in France, is getting ready to launch what it characterizes as a completely onchain initial public offering (IPO), with aerospace and defense small-to-medium enterprise ST Group serving as the platform's first listed company.
According to a Thursday announcement provided to Cointelegraph, the firm described this transaction as the inaugural IPO on an exchange that is natively tokenized, meaning equity shares are both issued and exchanged as digital tokens instead of being tracked via conventional market infrastructure.
According to CEO Mark Kepeneghian, this development has the potential to radically transform "how markets are built, how companies raise capital, and how investors connect to the real economy."
Set to take place on April 9, the IPO is being arranged with assistance from Allinvest Group, which serves dual roles as both financial adviser and bookrunner. The exchange offers a first-come, first-served system for IPO order allocation and has eliminated both subscription and custody fees from the process.
This IPO will serve as a proving ground for whether tokenized share issuance can address genuine capital market challenges facing smaller enterprises, as opposed to merely demonstrating blockchain-based market infrastructure capabilities. The tokenized securities sector has historically faced persistent challenges including limited liquidity, restricted investor access and regulatory obstacles, with uncertainty remaining about whether an emerging venue can generate substantial trading volume or function efficiently when operating at scale.
Lise secures license from French regulators
According to Lise, the company possesses several regulatory authorizations, including an investment firm license granted by the French Prudential Supervision and Resolution Authority along with a DLT Pilot Regime authorization issued by the European Securities and Markets Authority, which permits the platform to conduct trading and settlement operations on blockchain infrastructure, a company spokesperson informed Cointelegraph.
Cointelegraph had earlier reported that the European Commission put forward a proposal to extend the DLT Pilot Regime as one component of wider initiatives designed to bolster tokenized financial markets throughout Europe.
"Lise operates both a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD) within a single unified platform, built natively on Hyperledger Besu (a private, permissioned blockchain)," the spokesperson explained, further noting that equity shares issued through Lise originate as security tokens on the DLT. "The DLT is the golden source for the securities registry," they said.
Tokenized stocks near $1 billion
Investor appetite for blockchain-based tokenized equity securities is experiencing growth, with aggregate market capitalization approaching the $1 billion threshold. The total value of tokenized equities climbed to approximately $941 million, representing a 2.4% increase over the preceding 30 days, based on data compiled by RWA.xyz.
Trading activity has experienced significant expansion in certain segments. Monthly transfer volume surged 85% to reach $2.94 billion, while the total count of holders increased 17% to exceed 201,000 participants.