We now initiate formal coverage with a BUY. Our TP is Rs 850 (SOTP Sep-19E EV/EBITDA, at 10.5x for Pharma & 4.5x for LSI). Jubilant Life Sciences (JLS) is expected to list its Pharmaceuticals subsidiary Jubilant Pharma Limited (JPL) in Singapore in 1HCY18. Post listing, JPL is likely to trade at ~25% higher than the current valuation of the India-listed parent, which includes the LSI segment. We estimate JPLs market cap at Rs 120bn, assuming 10.5x FY20E EV/EBITDA. The listing will also help retire ~Rs 4bn in debt.