SINGAPORE: 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 $ 12 OTCQB in New York.

The opening price of $ 12 per share yesterday has valued the group at $ 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 $ 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 U.S. and marketing networks out of Munich and Hong Kong.

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Singapore NRI Tech Stock Hits $ 8 Billion In New York Debut