Lise: The future Stock Exchange for strategic SMEs and Mid-Caps companies
A new market infrastructure is set to be launched in Europe. Named Lise (Lightning Stock Exchange), this next-generation stock exchange is designed to broaden access to public equity markets for strategic SMEs and mid-cap companies, leveraging cutting-edge technology and an innovative regulatory framework. By fundamentally rethinking the IPO, Lise aims to shorten the public listing process, making it more cost-effective and accessible.
Lise has submitted its DLT MTF (Multilateral Trading Facility using Distributed Ledger Technology) license application to the ACPR (French Prudential Supervision and Resolution Authority) under the European DLT Pilot Regime. The company has not yet initiated commercial operations and will do so only upon receiving the necessary regulatory approvals.
Unlocking the stock market’s full potential for European SMEs and Mid-Cap companies
The stock market holds immense potential for SMEs and mid-cap companies, providing a unique opportunity to finance their growth and diversify their stakeholders and investors – including employees. It also provides unmatched visibility and credibility compared to other available financing options. Yet, at pivotal moments in their development, too many of these companies are far removed from public markets. Lise considers that improving access to public markets requires adapting existing frameworks to align more closely with these companies’ needs.
A market infrastructure specifically tailored for SMEs and Mid-Caps
Lise is developing a unique market infrastructure powered by asset tokenisation. For the first time, this technology – combined with an innovative European regulatory framework- seamlessly integrates trading and settlement within a single infrastructure. This new approach ensures a high level of security while significantly reducing the costs associated with IPOs and public listings.
Beyond the infrastructure, Lise is redefining the entire IPO process to better address the unique challenges and constraints that SMEs and Mid-Caps face. From financial structuring and valuation to due diligence, investor relations, convening general meetings – Lise will digitise and streamline each step, ensuring smoother interactions between all market stakeholders.
Supporting the growth of strategic companies
Positioned as a key enabler of market-based finance, Lise fills a critical gap channeling household savings toward strategic SMEs and mid-caps.
While Lise’s long-term ambition is to become the leading stock exchange serving SMEs and mid-caps companies across Europe, its immediate focus will be on supporting the IPOs of strategic French companies. Specifically, Lise will support industries of major national interest that require significant equity financing, such as energy, industrialisation, infrastructure and defence.
By collaborating with banking networks that have long-standing relationships with SMEs, Lise will enable these companies to raise equity capital ranging from €2 to €8m – complementing traditional bank financing and providing a new pathway for sustainable growth.
A more liquid asset class for investors
By redefining the traditional stock exchange model, Lise is introducing groundbreaking innovations that will benefit both individual and professional investors who meet its eligibility criteria. A simplified access to French SMEs and mid-caps companies significantly enriches the range of assets currently available for PEA-PME (the French equity savings plan for SMEs) through existing banking channels.
Lise will also enable investment banks and brokers to offer their clients a new access point to capital markets. Their Issuers clients, subject to Lise’s eligibility criteria, will benefit from a dedicated market tailored to their needs, while investors will have access to a continuous trading environment. For the first time in Europe, shares will be tradable through a 24/7 secondary market without interruption!
Investments in stocks through Lise carry risks, including total capital loss.
Next steps
Lise is a subsidiary of Kriptown, a specialist in asset tokenisation founded in 2018 by Mark Kepeneghian, Mathieu Esteve, Jeremy Lachaud and Arnaud Mournetas. BNP Paribas and Bpifrance became shareholders in October 2024. With over 30 financing operations completed since its foundation, Kriptown has a recognized expertise in asset tokenisation.
Lise is not currently operational, as it has not yet received authorisation as a DLT trading and settlement system (DLT MTF) under the EU’s Pilot Regime. Its team is actively working with French and European regulatory authorities to secure this authorisation.
Subject to regulatory approval, Lise plans to launch its first IPO in 2025, contingent upon obtaining DLT TSS approval.
Mark Kepeneghian, CEO of Lise, said: “Announcing the name Lise marks a key milestone. We are following our roadmap with determination, building a market infrastructure that will open up new financing opportunities for SMEs and mid-cap companies”.