Kwality Wall's India Lists At 26% Discount To Indicative Price On Debut After HUL Demerger, Stock Recovers Modestly

New Delhi: Shares of Kwality Wall's India Ltd (KWIL) made a weak market debut on Monday, listing at a discount of 26 per cent to the indicative price after the demerger of the ice cream business from Hindustan Unilever Ltd. The stock listed at Rs 29.80 apiece, down 25.87 per cent from the indicative price of Rs 40.20 on the NSE. On the BSE, it opened at Rs 29.90, a decline of 21.6 per cent from the indicative price of Rs 38.15 per share.

Later, the stock recovered modestly, trading higher at Rs 31.27 each, up 4.93 and 4.58 per cent on the NSE and the BSE, respectively. The company's market valuation stood at Rs 7,373.02 crore on the BSE and Rs 7,333.07 crore on the NSE. Meanwhile, the markets are trading in the 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), 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 one of India's leading ice creams & frozen dessert company, housing most iconic and widely loved brands in its portfolio such as Cornetto, Magnum, and Twister under its umbrella, 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. 

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