Shares of Mankind Pharma tanked over 6% to Rs 1,334.5 in Wednesday's intraday trade on BSE, just a day after listing on exchanges at a solid premium.The stock debuted with a 20.37% premium at Rs 1,300, while it closed 32% higher at Rs 1,424 over the issue price on Tuesday. The IPO price was set at Rs 1,080 per share.Brokerage firm Antique initiated coverage on Mankind Pharma with a buy rating and a target of Rs 1,584. The pharma company is a market leader in Tier 2-4 towns.Metro and Tier 1 cities are likely to be the new growth frontiers. The brokerage firm expects India's business to grow at ~13% CAGR for the next 3 years. “We like Mankind's India franchise given its diversified therapy mix and brand contributions,” said the note.Global brokerage Macquarie initiated coverage on Mankind Pharma with an outperform rating and target price of Rs 1,400 on Tuesday."We initiate coverage on Mankind Pharma with an Outperform rating, as we believe the company’s net profit could double in the next three years, driven by continued sales outperformance relative to the Indian pharma market (IPM), mix shift towards chronic therapies, and unlocking of meaningful operating leverage as salesforce productivity improves," Macquarie said in a report.Macquarie values Mankind Pharma at 25x FY25 PER, based on its target price of Rs 1,400 per share, implying a 20% discount to MNC peers to account for innovative product launch optionality with MNC companies. At the upper band of its IPO price of Rs 1,080, the stock trades at 19x PER on the firm's FY25 EPS of Rs 56.At 10.18 am, the stock was trading 3% lower at Rs 1385 on BSE.The IPO of Mankind Pharma was the largest so far this year and one of the biggest ever by a domestic drug maker since Gland Pharma came up with its Rs 6,480 crore public issue.The overall subscription of the issue was 15.32 times at close. The QIB part was subscribed 49 times, and the portion for high net-worth individuals was subscribed 3.8 times. However, retail investors didn't show much interest in the IPO.At Rs 1,080 a share, Mankind Pharma was valued at a price-to-earnings of 30 times its FY22 earnings.Mankind Pharma is the fourth-largest Indian pharmaceutical company in terms of domestic sales and the third-largest in terms of sales volume.It has a pan-India presence and operates 25 manufacturing facilities across the country. As of December 2022, the company had a team of over 600 scientists and a dedicated in-house R&D centre with 4 units located at IMT Manesar, Gurugram and Thane.