Nirgunan Tiruchelvam

Tellimer Research

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.

Nirgunan Tiruchelvam
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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...
Tellimer Research Nirgunan
Nirgunan Tiruchelvam @ Tellimer Research 16 April 2021
Three issues with the Grab SPAC deal the market is ignoring
Three issues with the Grab SPAC deal the market is ignoring

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...
Tellimer Research Nirgunan
Nirgunan Tiruchelvam @ Tellimer Research 14 April 2021
Southeast Asia Grabs the biggest SPAC deal
Southeast Asia Grabs the biggest SPAC deal

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...
Tellimer Research Nirgunan
Nirgunan Tiruchelvam @ Tellimer Research 12 April 2021
SPAC listings for Grab and Traveloka show the upside for EM e-commerce
SPAC listings for Grab and Traveloka show the upside for EM e-commerce

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...
Tellimer Research Nirgunan
Nirgunan Tiruchelvam @ Tellimer Research 31 March 2021
Deliveroo IPO collapses, but case for EM food delivery is intact
Deliveroo IPO collapses, but case for EM food delivery is intact

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 ...
Tellimer Research Nirgunan
Nirgunan Tiruchelvam @ Tellimer Research 29 March 2021
EM e-commerce stars vulnerable in Bill Hwang block trade sell-off
EM e-commerce stars vulnerable in Bill Hwang block trade sell-off

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...
Tellimer Research Nirgunan
Nirgunan Tiruchelvam @ Tellimer Research 28 March 2021
Five takeaways from the Deliveroo IPO
Five takeaways from the Deliveroo IPO

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Nirgunan Tiruchelvam
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