BENGALURU, July 10 Reuters Indian drugmaker Emcure Pharmaceuticals39; shares rose 34.9 in debut trade on Wednesday, beating analysts39; estimates and valuing the company at 18.64 billion rupees 223.3 million, as its strong presence in women39;s healthcare and HIV treatments drew investors.

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

Analysts expected Emcure39;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 company39;s initial public offering was oversubscribed nearly 68 times last week, drawing bids worth 11 billion, with Bain selling nearly a third of its 13.07 stake.

Six pharma companies went public in 2023, with the largest being the May 2023 debut of Mankind Pharma, also the biggest across sectors in the year.

Emcure39;s key focus areas, including gynaecology, where it has a marketleading 14 share, and HIV treatments are expected to drive sales growth, analysts have said.

This and its betterthanindustry average pricetoearnings ratio of 36.6 drew investors to buy a piece of the company.

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

Analysts will now keenly look forward to the company39;s growth strategy and accordingly arrive at the fair value of the business from the mediumterm perspective,…