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. <\/p>\n
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. <\/p>\n
The group develops artificial intelligence for algorithms which are used to trade the foreign exchange, gold, crude oil and shares automatically without traders. <\/p>\n
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. <\/p>\n
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. <\/p>\n
\"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. <\/p>\n
The entrepreneur said the success of New York listing gives him the confidence to propose a dual listing in London and Singapore as well. <\/p>\n
\"We expect to list in London by year end and follow up with Singapore by second half of next year,\" said Goel. <\/p>\n
\"We are looking to expand into the other markets. We are going to set up new offices and hire new staff,\" he said. <\/p>\n
The expansion includes a major R&D base in the U.S. and marketing networks out of Munich and Hong Kong. <\/p>\n
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Singapore NRI Tech Stock Hits $ 8 Billion In New York Debut<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" 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. Continue reading