French blockchain-based exchange Lightning Stock Exchange (Lise) is preparing to host a fully onchain IPO for aerospace and defence supplier ST Group on April 9.
The offering will see shares issued and traded as digital tokens on blockchain infrastructure, marking what the company describes as the first IPO on a natively tokenised exchange.
“It could fundamentally change how markets are built, how companies raise capital, and how investors connect to the real economy,”
Said Lise CEO, Mark Kepeneghian.
The IPO is being structured with support from Allinvest Group as financial adviser and bookrunner, with a first-come, first-served allocation model and no subscription or custody fees.
The listing will serve as a key test of whether tokenised securities can address longstanding issues such as liquidity constraints, limited investor access, and regulatory friction in capital markets.
Lise operates under multiple regulatory approvals, including an investment firm licence in France and a DLT Pilot Regime authorisation in Europe, enabling blockchain-based trading and settlement.
The platform combines a Multilateral Trading Facility and Central Securities Depository on Hyperledger Besu, where tokenised shares act as the official securities register.
The move comes as tokenised equities approach $1 billion in market value, with rising trading volumes and investor participation signalling growing interest in blockchain-based financial assets.