ST Group - Europe's first blockchain IPO, on French exchange Lise Lightning

ST Group - Europe's first blockchain IPO, on French exchange Lise Lightning

French blockchain-based exchange Lise Lightning will list aerospace services provider ST Group on April 9, marking Europe's first fully onchain initial public offering (IPO) under the EU's Distributed Ledger Technology (DLT) pilot regime, beincrypto.com reports

"Fully onchain” refers to the management of digital assets, transactions or business operations exclusively on blockchain, ensuring transparency and decentralized control.

Paris-based exchange Lise Lightning combines issuance, trading and settlement on a single blockchain infrastructure that operates 24/7, with no subscription fees and a "first-come, first-served” allocation model that bypasses traditional underwriter control.

• ST Group Revenues on the Rise

ST Group supplies high-performance composite parts for the Airbus A350, A320 and Dassault's Rafale fighter jet. The Toulouse-based firm reported revenues of euro3 million in 2025, up 18.7% year-on-year, and is targeting euro11 million by 2030 - a 3.5-fold increase over five years.

The company has estimated revenues of euro59 million over the next decade, based on existing contracts with clients such as Thales Alenia Space and the French Navy.

"We built ST Group with the ambition of creating a demanding, reliable and sustainable French industrial player, capable of meeting the expectations of the most critical sectors,” the company's listing announcement said, quoting ST Group management.

• Lise Lightning targets companies that lack access to traditional capital markets

ST Group's debut on Lise Lightning comes as European tokenization companies, including Lise, have been pressuring EU lawmakers to amend the DLT pilot regime, warning that current caps risk pushing onchain markets towards the US.

A successful listing by ST Group on April 9 would provide regulators with the clearest proof of concept yet.

Lise Lightning is backed by BNP Paribas, banking group CACEIS and Bpifrance. The exchange targets small and medium-sized companies that lack access to traditional capital markets due to high costs and long payment terms.