Nirgunan Tiruchelvam
Head of Consumers Equity Research @ Tellimer Research
Nirgunan is Head of Consumer Sector Equity Research, based in Dubai. He has a strong thematic perspective on the consumer sector across FM and EM, built on the foundations of his experience and network in ASEAN. He previously served in equities leadership and consumer/commodities equity research roles in ASEAN at BTIG, Standard Chartered and RBS/ABN Amro Asia.
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Latest articles from Nirgunan Tiruchelvam
Three issues with the Grab SPAC deal the market is ignoring
The build-up to the Grab SPAC deal with Altimeter has been frenetic and the market seems to be blind to a certain reality once the announcement was made. Accordingly, Tan would control 60% of the voting shares after the merger with Altimeter. There a...
Nirgunan Tiruchelvam @ Tellimer Research 16 April 2021
Southeast Asia Grabs the biggest SPAC deal
After weeks of speculation, Grab Holdings is merging with Altimeter Growth Corp, a US-listed SPAC. It will be the first Southeast Asian tech unicorn to list through a SPAC. Altimeter will invest US$750mn, which would be 20% of the cash proceeds. Othe...
Nirgunan Tiruchelvam @ Tellimer Research 14 April 2021
SPAC listings for Grab and Traveloka show the upside for EM e-commerce
This week, Grab, Southeast Asia’s most valuable start-up, is set for the largest merger between a private business and a SPAC. Grab is based in Singapore and has operations in Southeast Asia. Its business includes ride-hailing, food delivery and digi...
Nirgunan Tiruchelvam @ Tellimer Research 12 April 2021
Deliveroo IPO collapses, but case for EM food delivery is intact
The Deliveroo IPO plunged by 30% in its trading debut in London – it lost US$3bn of its US$10bn valuation. There was also backlash against shareholder structure. Major long-only fund managers have avoided the IPO. At its current run rate, Deliveroo c...
Nirgunan Tiruchelvam @ Tellimer Research 31 March 2021
EM e-commerce stars vulnerable in Bill Hwang block trade sell-off
On Friday, US-based Archegos Capital reportedly dumped shares in nine stocks (worth US$20bn) to meet margin calls (demands for cash) from its prime brokers. There are reasons to fear that the block trade frenzy could affect the market in general and ...
Nirgunan Tiruchelvam @ Tellimer Research 29 March 2021
Five takeaways from the Deliveroo IPO
Deliveroo, the UK-headquartered food delivery provider, is looking to list on the London Stock Exchange on 7 April. The valuation range puts the company at somewhere between US$10.4bn and US$12.1bn. Its growth potential is stronger in EM, given growi...
Nirgunan Tiruchelvam @ Tellimer Research 28 March 2021
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