We initiate coverage on Jubilant Ingrevia (Ingrevia) with a BUY rating on the stock. Ingrevia has demerged from Jubilant life Sciences limited , effective February 1st, 2021 and to be listed tomorrow (March 19th, 2021). We expect revenues to grow by double-digit in the near-term on the back of stabilization in pricing & demand for Acetic Anhydride, favourable price dynamics in Vitamin B3 and tailwinds in the Specialty segment. Over medium term, we expect new Capex initiatives (INR 950crs) towards key growth areas likely to drive overall business and margin profile. Further, Ingrevia is now less fragile to external shocks on account of de-risking initiatives and forward integrating into value added products. We thus value Ingrevia at 10x EV/EBITDA on FY23E, deriving a base case fair value of INR 420. Our Bull case & Bear case fair value stand at INR 660 and INR 200 respectively....