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Indian drugmaker Emcure Pharmaceuticals' shares rose 34.9% in debut trade on Wednesday, beating analysts' estimates and valuing the company at 18.64 billion rupees ($223.3 million), as its strong presence in women's healthcare and HIV treatments drew investors in a red-hot IPO market.

In an IPO market where more than 100 companies raised over $4.6 billion so far this year, Bain Capital-backed Emcure is the first drugmaker to go public in 2024.

Analysts expected Emcure's shares to list at nearly a 20% premium.

The stock opened at 1,325.05 rupees on the National Stock Exchange, compared with its offer price of 1,008 rupees.

The Pune, Maharashtra state-based company's initial public offering was oversubscribed nearly 68 times last week and drew bids worth up to $11 billion with Bain selling nearly a third of its 13.07% stake.

Six pharma companies went public in 2023, the largest of which was the May 2023 debut of Mankind Pharma, whose IPO was also the largest across sectors in the year.

Emcure's focus on areas such as gynaecology, where it has a market-leading 14% share, and HIV treatments are expected to drive its sales growth, analysts have said.

Its gynaecology portfolio includes medicines for infertility treatment and to aid with menstrual pain.

($1 = 83.4825 Indian rupees)