France’s first case! ST Group will carry out an all-on-chain IPO, with the Lise blockchain platform listing on 4/9.

ST Group in France will complete the world’s first all-on-chain IPO with Lise, combining security token and real-time settlement mechanisms to pioneer a new financing model for SMEs.

Aerospace parts company leads the way; France will give birth to the world’s first all-on-chain listed company

France’s fintech industry is about to reach a historic moment. ST Group, an aerospace component manufacturer headquartered near Toulouse, has officially announced that it will conduct its initial public offering (IPO) on April 9. This move bypasses traditional securities exchanges and instead chooses to list fully on-chain on the blockchain trading platform Lise (Lightning Stock Exchange).

Source: ST Group ST Group announces it will carry out its IPO on the blockchain trading platform Lise

According to the aerospace subcontractor, this is the world’s first IPO completed by traditional companies on a native tokenized exchange. ST Group mainly produces composite parts used in aircraft, defense systems, and space programs; its projected revenue for potential plans over the next 10 years is expected to reach as high as 59 million euros (about 68 million USD). For SMEs like ST Group, the cost of the traditional listing route is extremely high and the procedures are cumbersome.

The company’s CEO, Mark Kepeneghian, admits that blockchain technology offers a practical equity financing path for French industrial SMEs—otherwise the company would basically never consider going public.

Breaking down traditional finance barriers; Lise integrates trading and settlement with blockchain technology

The Lise platform helping ST Group access the capital markets is a new exchange based in Paris, built specifically for tokenized equity. Lise’s core technology architecture is based on a permissioned Hyperledger Besu network, allowing it to highly integrate the trading, clearing, and settlement functions that are spread across different institutions in traditional markets into a single unified automated system.

Compared with the clearing processes that traditional exchanges need days to complete, Lise is capable of running 24/7 around the clock and provides near real-time settlement services, operating continuously 7 days a week. The exchange has obtained an investment company license from France’s Prudential Supervision and Resolution Authority (ACPR) and operates under the EU distributed ledger technology (DLT) pilot regulation.

The shares issued on Lise are “Security Tokens” from the moment they are created; the blockchain ledger is the only true source for securities registration, fundamentally changing how the underlying infrastructure of financial markets operates.

Zero fees and a buy-in of just one share: tokenized securities reshape the retail investment experience

To lower the investment barrier and put financial democratization into practice, Lise has introduced multiple innovative mechanisms into ST Group’s IPO plan. After investors complete registration on the platform, the funds they transfer are automatically converted into digital deposits, and then they can complete subscriptions with simple clicks. The platform eliminates the subscription fees and custody fees commonly seen in traditional markets, and sets a minimum investment threshold of “starting from one share.” This mechanism effectively removes the privileges of institutional investors and the interference of gatekeepers; all investors are allocated according to the “first come, first served” principle, ensuring that ordinary investors can compete fairly with professional institutions in the same track.

This IPO received support from major mainstream French financial forces, including BNP Paribas, CACEIS, the asset servicing institution under Crédit Agricole, and the French national investment bank (Bpifrance), among other heavyweight organizations. The participation of these professional financial institutions and the placement banks ensures that this initiative is a truly professional IPO with a high level of expertise and credibility.

The test stone under the regulatory sandbox; European financial transformation ahead of MiCA

The timing of this listing action is highly strategic—right ahead of the 2026 Paris Blockchain Week. At present, the market size of the tokenized real-world assets (RWA) space worldwide is nearing the $1 billion mark, and the total market capitalization of tokenized stocks has reached $941 million.

As the transition period of the EU’s “Markets in Crypto-Assets Regulation” (MiCA) will expire on July 1, 2026, only crypto-asset service providers formally authorized will be able to operate in the EU; France’s regulator, the AMF, has repeatedly asked relevant companies to submit applications as soon as possible.

Lise’s operating results are a key benchmark experiment under the EU DLT pilot regulation. If ST Group’s all-on-chain IPO succeeds, Lise is expected to bring an additional 3 to 4 companies to list again by the end of 2026. This will open up a cheaper, more efficient capital market path for European SMEs, and will also prove that blockchain technology can resolve the liquidity and access challenges in real capital markets, thereby channeling Europe’s savings into the real economy.