Europe’s First Blockchain IPO: French Exchange Takes Listing Onchain

France’s Lightning Stock Exchange, or Lise, is Europe’s first platform authorized to operate a fully tokenized stock exchange. Under the European Union’s DLT Pilot Regime, it moves share issuance, registration and trading onto a blockchain. Its first listing involves aerospace and defense supplier ST Group. If the model proves viable, it could reduce the cost and time required for small and midsize companies to raise capital publicly.

ST Group launched a fixed-price public offering on April 9, 2026, with subscriptions open through April 24. The company offered 142,950 shares at €18.25 each. Lise reported subscriptions of €2.0718 million, exceeding the minimum threshold of €1.9566 million but falling short of the base target of €2.6088 million, completing Europe’s first fully onchain IPO.