Lise to Host Tokenized IPO for French Defense Supplier ST Group

French blockchain-based stock exchange Lise is preparing to host what it describes as a fully onchain initial public offering (IPO) for ST Group, an aerospace and defense small and medium-sized enterprise (SME). The IPO, scheduled for April 9, is being supported by Allinvest Group, which is acting as both financial adviser and bookrunner. This marks the first IPO on a natively tokenized exchange, where shares are issued and traded as digital tokens rather than through traditional market infrastructure. Lise CEO Mark Kepeneghian emphasized that the move could fundamentally change how markets are built, how companies raise capital, and how investors connect to the real economy. The platform introduces a first-come, first-served allocation for IPO orders and removes subscription and custody fees. The IPO will test whether tokenized issuance can address real capital market challenges for smaller companies, rather than merely demonstrating blockchain-based market infrastructure. Lise holds multiple regulatory approvals, including an investment firm license from the French Prudential Supervision and Resolution Authority and a DLT Pilot Regime authorization from the European Securities and Markets Authority. These approvals allow the exchange to operate trading and settlement on blockchain infrastructure. The platform operates as both a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD) on a single unified platform, built natively on Hyperledger Besu, a private, permissioned blockchain. Shares issued on Lise are born as security tokens on the DLT, with the DLT serving as the golden source for the securities registry. The tokenized IPO is part of a broader trend in blockchain-based financial markets, with investor demand for tokenized stocks rising. Total market value for tokenized equities has approached $1 billion, with recent data showing a 2.4% increase in the past 30 days. Monthly transfer volume for tokenized equities has surged 85% to $2.94 billion, and the number of holders has increased by 17% to over 201,000. Despite these gains, tokenized securities continue to face challenges related to liquidity, investor access, and regulatory friction. It remains to be seen whether Lise's new venue can attract meaningful trading activity and operate smoothly at scale.