DUBAI, Oct 10 (Reuters) - Abu Dhabi-based hospital operator Burjeel Holdings' shares rose 15.5% on their first day of trading on Monday after the company raised 1.1 billion dirhams ($299.49 million) through the stock market listing.

Burjeel's shares were trading at 2.31 dirhams each at 0905 GMT, up from an IPO price of 2 dirhams a share, the lower end of a 2-2.45 dirhams range indicated on Sept. 30.

The listing is the latest in a string of IPOs in the Gulf that have defied wider market trends. Neighbouring Dubai listed three state-linked entities this year alongside several other flotations in Abu Dhabi and regional heavyweight Saudi Arabia, which aims to make its stock exchange among the world's top three.

Burjeel, which operates 16 hospitals and 23 medical centres, said in a statement the IPO of 11% of the company's issued share capital drew total gross demand of more than 32 billion dirhams, implying 29 times oversubscription "in aggregate".

"At the time of listing, Burjeel Holdings is the largest healthcare company trading on ADX," Burjeel said, referring to the Abu Dhabi Securities Exchange and noting that the IPO price gave the company a valuation of 10.4 billion dirhams.

It said it intended to pay cash dividends from 2023 onwards with an expected pay-out ratio of 40-70% of net income, depending on investment needs for additional growth plans.

The company posted net income of 152.9 million dirhams in the first half of this year and 234.1 million dirhams in 2021, according to Refinitiv data.

In September, Abu Dhabi's International Holding Company , chaired by the UAE's national security adviser, bought a 15% stake in the company. VPS Healthcare Holdings, founded and chaired by Shamsheer Vayalil Parambath, continues to own 70% of Burjeel following the IPO.

JPMorgan Securities was capital markets adviser to Burjeel and the selling shareholder for the IPO. ($1 = 3.6729 UAE dirham) (Reporting by Yousef Saba; Editing by Kirsten Donovan)