New Delhi, February 16 Shares of Kwality Wall's India Ltd (KWIL) had a lackluster market debut on Monday, listing at a 26 per cent discount to the indicative price after the demerger of the ice cream business from Hindustan Unilever Ltd.
The stock listed at ₹29.80 per share, down 25.87 per cent from the indicative price of ₹40.20 on the NSE.
On the BSE, it opened at ₹29.90, a decline of 21.6 per cent from the indicative price of ₹38.15 per share.
Later, the stock recovered modestly, trading higher at ₹31.27 each, up 4.93 and 4.58 per cent on the NSE and the BSE, respectively.
The company's market capitalization stood at ₹7,373.02 crore on the BSE and ₹7,333.07 crore on the NSE.
Meanwhile, the markets are trading in positive territory, with the 30-share BSE Sensex rising 93.97 points, or 0.11 per cent, to 82,720.73, while the NSE Nifty went up 37.60 points, or 0.15 per cent, to 25,508.70.
On Monday, KWIL announced the successful listing of its equity shares on both the BSE and NSE, marking a significant milestone as an independent, publicly listed entity, following the demerger of HUL's ice cream business.
The demerger was approved by the National Company Law Tribunal (NCLT) and became effective on December 1, 2025.
"As per the approved demerger scheme, shareholders of HUL as on the record date of December 5, 2025, received one equity share of Kwality Wall's (India) Ltd for every one equity share held in HUL," KWIL said in a regulatory filing.
A KWIL spokesperson said the listing marked a defining moment for the company. As a standalone, publicly listed company, "we will be able to have a sharper focus, bolder & faster innovation approach and more focus on the front line".
"With access to a strong portfolio of brands which 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.
Following the completion of demerger and listing, KWIL emerged as one of India's leading ice cream and frozen dessert companies, housing most iconic and widely loved brands in its portfolio such as Cornetto, Magnum, and Twister, backed by a 70-year legacy.
Earlier, a share purchase agreement (SPA) was signed in June 2025 between the Unilever shareholders and the Magnum Ice Cream Company HoldCo 1 Netherlands BV (TMICC) for TMICC to acquire all shares in Kwality Wall's (India) Ltd held by the Unilever shareholders, comprising a controlling stake.