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Singapore NRI tech stock hits USD 8 bn in New York debut

Singapore NRI tech stock hits USD 8 bn in New York debut A Non-Resident Indian-owned Clone Algo Technologies, known for developing artificial intelligence for algorithms used in trading foreign exchange, gold, crude oil and shares, was actively traded at USD 12 OTCQB in New York.

The opening price of USD 12 per share yesterday has valued the group at USD 8.534 billion based on 711.15 million shares, which included the shares of Clone Algo Inc, proposed to be merged along with Clone Algo Technologies in the coming days.

The group develops artificial intelligence for algorithms which are used to trade the foreign exchange, gold, crude oil and shares automatically without traders.

Clone Algo Technologies founder and chairman Niraj Goel welcomed the first opening in New York last night. “The opening price was as per our expectations,” he told PTI.

This has raised the asset value of Ludhiana-born Goel to USD 12.95 billion including his stakes in other companies and assets, placing him among the top five technology billionaires in Asia.

“Investors are switching from traditional old economy stocks to innovation-driven social media technology stocks. Fully algorithmic trading and use of artificial intelligence in timing technology now commands a major market share globally,” the 45-year-old innovator said.

The entrepreneur said the success of New York listing gives him the confidence to propose a dual listing in London and Singapore as well.

“We expect to list in London by year end and follow up with Singapore by second half of next year,” said Goel.

“We are looking to expand into the other markets. We are going to set up new offices and hire new staff,” he said.

The expansion includes a major R&D base in the US and marketing networks out of Munich and Hong Kong.

Clone Algo has three business divisions – financial technology, social media and technology for wealth management insured products.

“We see Singapore as the next Silicon Valley based on strong Intellectual Property laws and a stable business environment,” he said.

Similarly, he would also want to replicate the Singapore model in India, which he rated as the much bigger source of talented people.

“We will support young talented people, helping them to develop innovations that will again change the way the world operates,” Goel added.