This week, High school (Yıldırım Borsası) announced the successful closing of the world’s first fully regulated, locally held public offering. tokenized market infrastructure. As the first exchange in history to achieve this, Lise opens a new chapter in capital formation in Europe by demonstrating that DLT-specific share offerings can meet all the legal and operational standards of traditional markets.
High School brings a company to market through the Unified Market Infrastructure, a single, natively tokenized layer where Multilateral Trading Facility (MTF) and Central Securities Depository (CSD) functions are combined in one place. Issuance, order matching and settlement occur on the same infrastructure, in real time, without T+2 delay and without a structural break between the moment a transaction is accepted and the moment it is settled.
This architecture also enables something previously impossible on a regulated exchange: continuous trading 24/7, Lise said. Approximately 60% of subscription orders were placed outside of traditional market hours.
“This is much more than just an IPO; it is the launch of a next-generation stock market.” stated Mark KepeneghianCEO of Lise. “This shows that France and Europe can still lead major technological disruptions. By combining a locally tokenized technology stack, a robust regulatory framework and streamlined access, we are fundamentally transforming the way capital is created and traded. This is a key step in building a more efficient, agile and inclusive market infrastructure.”
Payment at Lise is made with deposit tokens, which are regulated digital cash issued by a licensed banking institution and held in protected accounts.
ST GROUP is a French industrial SME that supplies composite materials to the defense and aerospace sectors.
“The fact that a company of this profile has chosen us as its route to market is itself a proof of concept: Modern market infrastructure can serve the strategic, high-quality issuers that legacy exchanges have left behind.” The high school said in a statement. “With this initial public offering validating the model, Lise is now accelerating the expansion of its tokenized architecture into a broader range of financial instruments.”
