Indian-origin serial entrepreneur from Godavari District Venkata Srinivas Meenavalli led Longfin Corp stock has been listed on NASDAQ on December 12, 2017.
“We are the first Asian entrepreneur promoted Reg A+ company under the JOBS Act, to list its shares directly in NASDAQ and the second Indian entrepreneur promoted company to list directly in the NASDAQ since 2010,” said Mr Meenavalli, the company’s founder Chairman and CEO.
Longfin is a non-banking fintech company based in Delaware, US. It had floated an IPO of 10,000,000 shares of its Class A common stock on September 6 at $5 per share. It provides structured commodity trade finance, having revenues to the tune of $27.7 million in 2016.
It provides forex and financial solutions to SMEs in trade finance across North America, Middle East, and Asia Pacific regions. According to the firm, most SMEs fail to access cheaper trade finance from banks and therefore look at fintech companies to finance them.
Longfin NASDAQ: LFIN scored headlines when its stock price touched high $ 142.82
Martket valuation of the share as on 19-2-2018 is $ 2,851,760,000 (Rs.1,85,36,44,00,000) 55% of promoters stake costs Rs.10,195,04,20,000 as on date.