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The primary market is where a company issues shares and offers them to the public for the first time, as part of an initial public offering (IPO). This is where the company raises funds.

The secondary market allows investors to trade previously issued shares among themselves. On Lise, the secondary market is accessible 24/7 — something not yet possible on other European markets.

Liquidity refers to the ease with which a security can be bought or sold on a market, without significant delay or major price fluctuation. Lise aims to improve liquidity for SME and mid-cap shares by offering a secondary market accessible 24/7.

The order book is the tool that records in real time all buy and sell orders for a security on the market. It allows you to view the quantities requested or offered at each price, and to track the evolution of supply and demand. On Lise, the order book is updated automatically.

Shares acquired on Lise confer the fundamental rights attached to financial securities, the exercise of which may vary depending on the terms set by the company (the issuer):

• Dividend rights: entitlement to a share of profits, subject to the company's decision to distribute them.
• Voting rights: participation in strategic decisions at the General Meeting, if the issuer has enabled this right.
• Right to information: access to financial reports and regulatory announcements published by the company.

Thanks to its technology platform and the digitalisation of securities, Lise simplifies and streamlines the management of these processes (voting, dividend payments, etc.) for listed companies and their shareholders.

• Risk of capital loss: the value of your securities may fall, or even become worthless, depending on the company's performance or market conditions.
• Liquidity risk: you may not find a buyer to sell your securities quickly at your desired price.
• SME/mid-cap specific risk: small and medium-sized companies are often more sensitive to economic fluctuations.
• Volatility risk: the value of securities can fluctuate significantly, both upward and downward.

It is essential to invest only savings you do not need in the short term. Lise does not provide personalised investment advice.

All opportunities are accessible directly on the platform, via the list of ongoing public offerings and securities already listed on the secondary market. Each company has its own dedicated page with its information document and legal, accounting, and financial documents.

What documents should I read before investing?

• The regulatory information document (ID)
• The subscription guide
• The ESG report (if available)
• The transaction timetable and associated terms

Yes. In accordance with the Lise market operating rules, any order may be modified or cancelled as long as it has not been executed.

The extension clause allows, in the event of strong demand, the number of shares issued during an IPO to be increased by up to 15%.

You are automatically notified if the extension clause is activated for an offering in which you are participating.

There is no oversubscription on Lise. Once the target amount is raised, the order book closes and no further subscriptions are accepted. All subscription orders placed before that point are served in full — there is no allocation reduction.

Your shares are allocated at the end of the subscription period, as indicated in the timetable for each IPO. Once the capital increase is confirmed, the shares are automatically recorded in your securities account.

Once your subscription order is submitted, you receive a notification and a confirmation email summarising the details of your order.

When your order is executed, after the capital increase is completed and the shares are recorded in your account, you receive a Subscription Certificate. This document serves as proof of your participation in the IPO and details the terms of your investment.

You can also track the status of your order at any time in your portfolio, under "Transaction history".

The Lise secondary market is accessible 24/7, including weekends and public holidays. You can buy or sell securities, track your pending orders, or place new ones at any time.

At the opening of the secondary market (end of April 2026), only limit orders are available. Three order types will eventually be offered:

• Limit order: you set a maximum price for buying or a minimum price for selling. The order is only executed if a counterparty is found at that price or better. Recommended for controlling your execution price.
• Market order: executed immediately at the best available price in the order book. Use when speed of execution takes priority over price.
• Best limit order: automatically takes the best available price in the order book, without exceeding it. A balance between speed and price control.

All orders are processed according to price priority, then time priority. Market orders and best limit orders will be rolled out in the following months.

By default, an order remains active in the order book until it is fully executed or cancelled by the investor.

When placing an order, however, you have the option to set a validity period (for example: valid for the day, until a given date, etc.).

Setting a validity period can be useful to:

• maintain control over your strategy (avoid an order remaining active too long if market conditions change)
• adapt to your investment horizon

Yes, fees apply when buying or selling securities on Lise, but not when subscribing to an IPO.

These fees correspond to a percentage of the transaction amount, and vary according to your level of activity on the market. They range from 0.10% to 0.25%, depending on the total volume you have traded over the past 6 months (primary and secondary market, all securities combined).

For more details on the applicable terms, please refer to our pricing policy.

When the company distributes dividends, they are automatically credited to your Lise portfolio.

You can then keep them on the platform to reinvest, or withdraw them to your bank account at any time.

You can track your investments from your dashboard or in the "Portfolio" section. You have access to:

• The complete list of securities you currently hold
• The number of shares per company and their unrealised returns
• Your transaction history (purchases, sales, subscriptions)
• News related to the companies you have invested in

Data is updated in real time.

Your portfolio value measures the change in the total value of your investments in securities listed on Lise. It takes into account the variation in market price of your securities, dividends received, and gains or losses realised on your sales.

Your personal area displays in real time the securities you hold, their current value, and your transaction history. You also receive notifications for important events: general meetings, financial publications, dividend distributions.