@rohiitian Near to expiry, options premiums will surely erode due to time decay, so for that May is suitable.
Likewise for futures for margin requirements. Also if one choses not to square up on expiry, May is the go to option.
All this should be coupled with how much allotment is received or supposed to be received. For the listing day price, imo other than expiry there are two aspects. One is the future holders coming to square up which pushes prices up, other is the allottees who sell for listing gains. The demand and supply balance of this should yield how listing plays out and how much gains one can make out of it.