theipoguru's listing strategy says:
Listing Call: Hold
Despite the current weakness in the market, we expect shares of Jyothi Laboratories to list at a healthy premium. At the upper end of the price band, the issue was priced in at a P/E of 21 times. Given that most of the FMCG companies are quoting P/Es of anywhere between 25-30 times, it will not be surprising if Jyothi Laboratories also lists at a similar multiple. With strong brand equity, wide distribution network, and well-distributed & tax-efficient production facilities, Jyothi Laboratories is a stock for the long haul.
The entire note can be accessed here.