Shardul Amarchand Mangaldas & Co. has advised Emcure Pharmaceuticals on its 19.5-billion-rupee ($234 million) initial public offering, with Khaitan & Co advising the bookrunning lead managers.

The Bain-backed Emcure Pharma focuses on areas such as gynaecology, where it has a market-leading 14 percent share, and HIV treatments.

Reuters reported that Emcure is going public in India's red-hot IPO market, where more than 100 companies have raised around $4.6 billion through IPOs so far this year, more than double the same period last year.

The SAM team was led by partner Nikhil Naredi, including partner Priya Awasthi and associates Rakshita Poddar and Manish Soni.

The Khaitan team advising Kotak Mahindra Capital, Axis Capital, Jefferies India, and JP Morgan India, was led by partners Chirayu Chandani and Aditya Cheriyan, senior associate Tishita Mukherjee, and associates Hrithik Khurana, Kaushlendra Palawat, and Shreya Iyer.