Kwality Wall’s India debuts on bourses after HUL ice cream demerger

New Delhi: Kwality Wall’s (India) was listed on Monday at a sharp discount to its indicative price, marking a weak market debut after the demerger of Hindustan Unilever’s ice cream business.

On the NSE, the stock opened at Rs 29.80, down 25.87% from the indicative price of Rs 40.20. 

On the BSE, it debuted at Rs 29.90, a decline of 21.6% from the indicative price of Rs 38.15.

The shares later pared losses and traded at Rs 31.27, up 4.93% on the NSE and 4.58% on the BSE.

KWIL’s market capitalisation stood at Rs 7,373.02 crore on the BSE and Rs 7,333.07 crore on the NSE.

Benchmark indices were in the green, with the BSE Sensex up 93.97 points, or 0.11%, at 82,720.73, while the NSE Nifty gained 37.60 points, or 0.15%, to 25,508.70.

In a regulatory filing, KWIL said it has completed the listing of its equity shares on both exchanges, becoming an independent listed entity following the demerger.

The demerger scheme, approved by the National Company Law Tribunal (NCLT), became effective on December 1, 2025. 

Under the scheme, shareholders of HUL as on the record date of December 5, 2025, received one KWIL share for every one equity share held in HUL, the company said.

A KWIL spokesperson said the listing is a “defining moment” for the company as it begins operations as a standalone listed entity. “We will be able to have a sharper focus, bolder & faster innovation approach and more focus on the front line,” the spokesperson said.

“With access to a strong portfolio of brands that are well recognised and combined with deep local market understanding, the company is well positioned to strengthen the business by scaling the category and drive sustainable, long-term growth,” the spokesperson added.

KWIL said it houses brands such as Cornetto, Magnum and Twister, backed by a 70-year legacy.

In June 2025, a share purchase agreement was signed between Unilever shareholders and Magnum Ice Cream Company HoldCo 1 Netherlands BV (TMICC) for TMICC to acquire all KWIL shares held by Unilever shareholders, comprising a controlling stake.