France’s Lise Lightning Stock Exchange will list aerospace supplier ST Group on April 9, marking Europe’s first fully onchain IPO (initial public offering) under the EU’s Distributed Ledger Technology (DLT) pilot regime.
The Paris-based exchange merges issuance, trading, and settlement into one blockchain infrastructure operating 24/7, with no subscription fees and a first-come, first-served allocation model that bypasses traditional underwriter gatekeeping.
Why This Changes the IPO Game
ST Group supplies high-performance composite parts for Airbus A350, A320, and Dassault’s Rafale fighter jet.
The Toulouse-based firm posted €3M in revenue in 2025, up 18.7% year-on-year, and targets €11M by 2030 — a 3.5x increase over five years.
The company carries €59M in projected lifetime program revenue over the next decade, based on existing contracts with clients including Thales Alenia Space and the French Navy.
Lise is backed by BNP Paribas, CACEIS, and Bpifrance. The exchange targets small and mid-sized firms priced out of traditional capital markets by high costs and long timelines.
“We have built ST Group with the ambition to establish a demanding, reliable and sustainable French industrial player, capable of meeting the expectations of the most critical sectors…” read an excerpt in the announcement, citing Trento, CEO, ST Group.
ST Group’s debut arrives as European tokenization companies, including Lise, have pushed EU lawmakers to amend the DLT Pilot Regime, warning that current caps risk pushing onchain markets toward the US.
A successful listing on April 9 would hand regulators their clearest proof of concept yet.
