Shares of Kwality Wall’s (India) Ltd, the ice cream business recently spun off from Hindustan Unilever Ltd (HUL), made a cautious debut on Indian stock exchanges on February 16, 2026, settling at a notable discount to its indicative price.
The stock opened at ₹29.80 on the NSE and ₹29.90 on the BSE, down about 26 % from the adjusted reference price of ₹40.20, reflecting investor caution over the standalone valuation of the company. The listing placed the market capitalisation of Kwality Wall’s at roughly ₹7,000–₹7,350 crore.
The demerger, effective December 1, 2025, allowed HUL shareholders to receive one share of Kwality Wall’s for every HUL share held as of the December 5 record date. This made Kwality Wall’s the first publicly listed pure-play ice cream company in India, aiming to operate independently and focus on growth in the frozen desserts sector.
In conjunction with the listing, The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. and associated entities launched an open offer to acquire up to 61.08 crore shares from the public at ₹21.33 per share, under the supervision of Kotak Mahindra Capital.
The listing is part of HUL’s broader strategy to streamline its portfolio, letting its ice cream business operate with greater flexibility. Market observers noted the subdued debut as investors evaluate the company’s prospects amid seasonal demand fluctuations and competition in the Indian ice cream market.
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