Stampede Capital to list Singapore arm on Nasdaq by 2017-end

The board of Stampede Capital on Tuesday informed the exchanges that its Singapore subsidiary will be listed on the Nasdaq main board by end-2017. After the Securities and Exchange Commission qualification Longfin Corp, US, acquired Stampede Tradex Pte Ltd, its Singapore subsidiary, Longfin Corp expects to complete the listing on the Nasdaq main board by end-2017. Following the acquisition, Stampede Capital will hold 27.50 million Class A Common Shares of Longfin Corp. While the pre-IPO valuation of Longfin Corp stands at approximately $337.50 million, post-IPO valuation is expected to be in the range of $385-400 million. Post the IPO, the value of investments held by Stampede Capital in Longfin Corp would be $137.50 million (₹886.87 crore) and the book value of the share by virtue of this investment alone would increase by ₹31, it said in a statement to the exchanges. Shares of Stampede slumped 4.4 per cent at ₹7.60 on the BSE.