Lise Completes World's First Tokenized IPO on Regulated Exchange

Gate News message, April 27 — Lise (Lightning Stock Exchange), a Paris-based regulated exchange, has closed what it describes as the world’s first initial public offering (IPO) executed on a fully regulated, natively tokenized market infrastructure. ST GROUP, a French industrial SME supplying composite materials to the defense and aerospace sectors, became the inaugural company to list when Lise’s subscription window opened on April 9, 2026.

The listing operated on a single infrastructure layer where Lise merged the roles of a Multilateral Trading Facility and a Central Securities Depository. Issuance, order matching, and settlement all occurred on the same system in real time, with no T+2 lag between trade execution and finality. Settlement ran through regulated deposit tokens issued by a licensed banking institution, enabling 24/7 trading on a regulated exchange for the first time.

Lise noted that ST GROUP’s choice of a tokenized venue over a legacy exchange demonstrates that modern market infrastructure can serve strategic issuers historically overlooked by traditional markets. CEO Mark Kepeneghian stated: “We are fundamentally transforming how capital is formed and traded. This is a foundational step in building a more efficient, agile, and inclusive market infrastructure.”

The listing follows Lise’s receipt of a DLT Trading and Settlement System license from France’s ACPR approximately five months ago under the EU’s Distributed Ledger Technology Pilot Regime. Lise is one of only six entities licensed under the regime and the only one operating as a full stock exchange. The exchange operates as a subsidiary of Kriptown with backing from BNP Paribas, CACEIS, and Bpifrance. By contrast, both Nasdaq (which filed a proposed SEC rule change in September 2025) and NYSE (which announced a blockchain-based platform in January 2026) remain in regulatory review.