France is taking a bold step toward merging traditional finance with blockchain.

A new Paris-based exchange called Lise is preparing to host what could become Europe’s first fully onchain IPO starting with aerospace supplier, ST Group.

The listing, expected in early April 2026, will see shares issued, traded, and settled entirely on blockchain infrastructure rather than through traditional financial plumbing.

Unlike legacy exchanges such as Euronext, which rely on multiple intermediaries for clearing and settlement, Lise operates under the EU’s Distributed Ledger Technology (DLT) pilot regime – allowing it to combine trading and settlement on a single blockchain system.

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This setup enables near-instant settlement, lower costs, and continuous trading, potentially removing much of the friction associated with traditional IPOs.

ST Group manufactures composite components used in aerospace, defense, and space programs. The company is targeting roughly €59 million ($68 million) in potential project revenue over the next decade, positioning it as a high-growth industrial player.

By choosing an onchain listing, the firm is effectively testing whether blockchain-based capital markets can offer a faster, cheaper route to going public especially for small and mid-sized companies that struggle with the cost and complexity of traditional listings.

Backed by major French financial institutions, Lise is not just another crypto experiment, it’s a regulated attempt to bring tokenization into mainstream equity markets.

If successful, this IPO could serve as a blueprint for future listings, showing how blockchain can streamline issuance, improve transparency, and expand investor access. But it will also test whether regulatory frameworks and market infrastructure are ready for fully onchain public markets.

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