Restaurant India News: Kwality Wall’s Debuts at 25.87 percent Discount; Open Offer Announced for 26 percent Stake

Shares of Kwality Wall’s (India) Ltd, the demerged ice cream business of Hindustan Unilever Limited, began trading on February 16 on the National Stock Exchange of India and BSE Limited at a discount to their adjusted reference prices.

On the NSE, the stock opened at Rs 29.80 per equity share, reflecting a 25.87 percent decline from the adjusted price of Rs 40.20 per unit. On the BSE, it debuted at Rs 29.90, marking a 21.6 percent discount to the adjusted price of Rs 38.15 per share. At around 11:33 am, the stock was trading at Rs 30.90 on the NSE, down 22.16 percent compared to the issue price but up 5 percent from the opening level.

In a prior regulatory filing, HUL confirmed that both exchanges approved the listing and trading of 2,34,95,91,262 equity shares of Rs 1 each of Kwality Wall’s on February 12. HUL shares had begun trading without the ice cream division from December 5, 2025. Under the 1:1 entitlement ratio, shareholders received one fully paid-up equity share of Kwality Wall’s for every one HUL share held. The demerger scheme was approved by the National Company Law Tribunal on November 6, 2025, and became effective from December 1.

With the listing, Kwality Wall’s has become India’s first standalone listed ice cream company, housing brands such as Cornetto, Magnum and Kwality Wall’s.

Separately, the company informed exchanges that Magnum Ice Cream Company HoldCo 1 Netherlands B.V. has launched an open offer to acquire a 26 percent stake. The offer covers 61.08 crore (61,08,93,729) fully paid-up equity shares of Rs 1 each, representing 26 percent of the voting share capital, for a total cash consideration of Rs 1,303 crore (Rs 1303,03,63,239.57).

The offer has been made by Magnum Ice Cream Company HoldCo 1 Netherlands B.V., along with Magnum ICC Finance B.V. and The Magnum Ice Cream Company N.V., acting in concert. The public announcement was issued by Kotak Mahindra Capital Company Ltd, acting as manager to the open offer.

The listing and concurrent open offer mark a structural shift in India’s organised ice cream segment, positioning Kwality Wall’s as an independent category-focused entity with potential changes in ownership structure and capital strategy.