Kwality Wall’s shares list at 26% discount on NSE after demerger from HUL; all you need to know

The stock started trading at a 25.87% discount at ₹29.80 per equity share on the NSE, compared to its adjusted price of ₹40.20 per unit. On the BSE, the scrip debuted at ₹29.90 apiece, reflecting a 21.6% discount from its adjusted price of ₹38.15 per share.

At around 11:33 am, the scrip was trading at ₹30.90 per unit on the NSE, down 22.16% with respect to the issue price but up by 5% in comparison to the opening price.

In a regulatory filing on Thursday, HUL stated that it received approval from both exchanges on February 12 for the listing and trading of 2,34,95,91,262 equity shares of ₹1 each of Kwality Walls.

The stock of HUL started trading without the ice cream business on December 5, 2025. With an entitlement ratio of 1:1, shareholders received one fully paid-up equity share of Kwality Wall’s for every one share of HUL they owned.

The National Company Law Tribunal (NCLT) had approved the FMCG major’s ice-cream business demerger scheme on November 6, 2025, while the agreement came into effect on December 1.

With this debut, Kwality Wall’s (India) Ltd (KWIL) has become India’s first standalone listed ice-cream company, which is home to brands such as Cornetto, Magnum, and Kwality Wall’s.

Magnum Ice Cream makes open offer for 26% stake in Kwality Wall’s

Kwality Wall’s (India), in a regulatory filing on Monday, informed the exchanges that Magnum Ice Cream Company made an open offer to acquire 26% stake in it.

The open offer was for the acquisition of 61.08 crore (61,08,93,729) fully paid-up equity shares with a face value of ₹1 each, representing 26% of the voting share capital of the company, aggregating to a total cash consideration of ₹1,303 crore (or ₹1303,03,63,239.57).

The offer was made by the “Magnum Ice Cream Company HoldCo 1 Netherlands B.V. (acquirer), along with Magnum ICC Finance B.V. (PAC 1) and The Magnum Ice Cream Company N.V. (PAC 2) (PAC 1 and PAC 2, collectively PACs), in their capacity as the persons acting in concert with the acquirer (Open Offer or Offer).”

Notably, the public announcement was issued by Kotak Mahindra Capital Company Ltd, the manager of the open offer, on behalf of the acquirer and the PACs, to the public shareholders of Kwality Wall’s.