France’s Lise Exchange will list aerospace supplier ST Group on April 9, marking Europe’s first fully on-chain IPO under the EU’s Distributed Ledger Technology pilot regime. ST Group makes composite parts for Airbus A350 and Dassault’s Rafale fighter jet.
The IPO operates around the clock on blockchain, merging issuance, trading, and settlement into a single infrastructure. It uses no subscription fees and a first-come, first-served allocation model that bypasses traditional underwriter gatekeeping.
ST Group posted €3 million in revenue in 2025, up 18.7% year over year, and targets €11 million by 2030. That growth is supported by an estimated €59 million in lifetime program revenue over the next decade from contracts with Thales Alenia Space and the French Navy. The company is backed by BNP Paribas, CACEIS, and Bpifrance. The exchange targets small and mid-sized firms priced out of traditional capital markets by high costs and long timelines.
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