Shares of Manoj Vaibhav Gems N Jewellers on Monday gained over 18 per cent on Monday after the company announced plans to launch a new showroom. 

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The counter opened at Rs 183 apiece on the BSE against the previous close of Rs 183.35. It went on to surge over 18 per cent to make an intraday high of Rs 218.10. At around 3 PM, the stock was trading firmly in green at Rs 214.75.

The share of Manoj Vaibhav Gems, which has a market of Rs 1,049, has a 52-week high of Rs 382.20 and a 52-week low of Rs 170.

"We hereby inform that the company is going to launch a new showroom in the brand name of 'Vaibhav Jewellers' at Palakonda R&B Road, Saradhi Village, Rajam (Nagarpanchayat), Rajam (Mandalam), Vijayanagaram, Andhra Pradesh on March 20, 2024," said the exchange filing with the bourses.

Manoj Vaibhav Gems shares made a debut on bourses in October last year. 

Shares ended on a flat note in its debut trade against the issue price of Rs 215. The stock was listed at Rs 215 on both the BSE and NSE.

Earlier, The Initial Public Offering (IPO) of Manoj Vaibhav Gems N Jewellers was subscribed 2.25 times last week.

The initial share sale had a fresh issue of up to Rs 210 crore and an offer for sale of up to 28,00,000 equity shares.

The price range for the offer was Rs 204-215 per share.

The company, a regional jewellery brand in South India, has a presence in Andhra Pradesh and Telangana, with 13 showrooms across eight towns and two cities.