French blockchain-based exchange Lightning Stock Exchange (Lise) says it will host a fully onchain initial public offering (IPO), listing aerospace and defense SME ST Group as its first company. Lise calls the deal the first IPO on a natively tokenized exchange, where shares are issued and traded as digital tokens rather than through traditional market infrastructure.
The IPO is set for April 9 and is being structured with support from Allinvest Group, which is acting as financial adviser and bookrunner. Lise said it will use a first-come, first-served allocation for IPO orders and remove subscription and custody fees.
CEO Mark Kepeneghian said the move could change how markets are built, how companies raise capital and how investors connect to the real economy. The offering will test whether tokenized issuance solves practical capital-market problems for smaller companies, rather than simply demonstrating blockchain plumbing. Tokenized securities have long faced challenges with liquidity, investor access and regulatory friction, and it remains uncertain whether a new venue can attract meaningful trading or scale smoothly.
Regulatory approvals and tech
Lise says it holds multiple approvals, including an investment firm license from the French Prudential Supervision and Resolution Authority and a DLT Pilot Regime authorization from European authorities, permitting trading and settlement on blockchain infrastructure. The exchange operates both a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD) on a single platform built natively on Hyperledger Besu, a private permissioned blockchain. Shares issued on Lise are created as security tokens on the DLT, which the company describes as the golden source for the securities registry.
Market context
Investor demand for tokenized equities is rising. Data from RWA.xyz shows tokenized stocks at about $941 million in total value, up roughly 2.4% over the past 30 days. Monthly transfer volume has jumped sharply — about an 85% increase to $2.94 billion — and the number of holders rose roughly 17% to more than 201,000. These figures highlight growing activity but also underline the broader question of whether tokenized markets can sustain liquidity and broader investor participation as they move from pilots to live market use.