Kwality Wall's shares slip in debut trade; Arun Kejriwal weighs in
The listing follows the demerger of the ice cream business from FMCG major Hindustan Unilever Ltd (HUL). HUL's shares had adjusted to the demerger in December last year.
- Feb 16, 2026,
- Updated Feb 16, 2026 5:33 PM IST
Shares of Kwality Wall's (India) Ltd (KWIL) made their much-anticipated market debut on Monday, listing at Rs 29.80 on NSE. The stock later climbed 5 per cent to hit its upper price band of Rs 31.29. However, the gains were short-lived as the stock slipped 1.30 per cent to close at Rs 29.51. The price reflected a 26.59 per cent discount to the indicative price of Rs 40.20 per share.
The listing follows the demerger of the ice cream business from FMCG major Hindustan Unilever Ltd (HUL). HUL's shares had adjusted to the demerger in December last year.
In November 2024, HUL approved the demerger of its ice cream business, which houses brands such as 'Kwality Wall's', 'Cornetto' and 'Magnum'. The National Company Law Tribunal (NCLT) approved the scheme on October 30.
The ice cream division accounts for around 3 per cent of HUL's annual turnover, contributing approximately Rs 1,800 crore to its total revenue.
Under the approved scheme, the share entitlement ratio was fixed at 1:1. This means every HUL shareholder received one share of Kwality Wall's for each HUL share held as on the record date. The record date to determine eligible shareholders was December 5, while the allotment date was set as December 29. Shareholders whose names appeared in the register of members as on the record date became entitled to receive shares of the demerged entity.
Commenting on the listing, market veteran Arun Kejriwal said there are two ways to look at the development. "At Hindustan Unilever, the first is to view it as a company where all its units were doing well, except the ice cream business. So, they decided to carve it out, demerge it and make it a separate entity. Second, the markets were never quite comfortable with this business. So yes, the listing has happened, but this is not a stock that is going to make you money in the near term whatsoever," Kejriwal told Business Today.
Separately, the company informed the exchanges that a share purchase agreement (SPA) was executed in June 2025 between the Unilever Shareholders and The Magnum Ice Cream Company HoldCo 1 Netherlands BV (TMICC).
Under the agreement, TMICC will acquire the entire stake held by the Unilever Shareholders in Kwality Wall's, thereby taking a controlling interest in KWIL.
Shares of Kwality Wall's (India) Ltd (KWIL) made their much-anticipated market debut on Monday, listing at Rs 29.80 on NSE. The stock later climbed 5 per cent to hit its upper price band of Rs 31.29. However, the gains were short-lived as the stock slipped 1.30 per cent to close at Rs 29.51. The price reflected a 26.59 per cent discount to the indicative price of Rs 40.20 per share.
The listing follows the demerger of the ice cream business from FMCG major Hindustan Unilever Ltd (HUL). HUL's shares had adjusted to the demerger in December last year.
In November 2024, HUL approved the demerger of its ice cream business, which houses brands such as 'Kwality Wall's', 'Cornetto' and 'Magnum'. The National Company Law Tribunal (NCLT) approved the scheme on October 30.
The ice cream division accounts for around 3 per cent of HUL's annual turnover, contributing approximately Rs 1,800 crore to its total revenue.
Under the approved scheme, the share entitlement ratio was fixed at 1:1. This means every HUL shareholder received one share of Kwality Wall's for each HUL share held as on the record date. The record date to determine eligible shareholders was December 5, while the allotment date was set as December 29. Shareholders whose names appeared in the register of members as on the record date became entitled to receive shares of the demerged entity.
Commenting on the listing, market veteran Arun Kejriwal said there are two ways to look at the development. "At Hindustan Unilever, the first is to view it as a company where all its units were doing well, except the ice cream business. So, they decided to carve it out, demerge it and make it a separate entity. Second, the markets were never quite comfortable with this business. So yes, the listing has happened, but this is not a stock that is going to make you money in the near term whatsoever," Kejriwal told Business Today.
Separately, the company informed the exchanges that a share purchase agreement (SPA) was executed in June 2025 between the Unilever Shareholders and The Magnum Ice Cream Company HoldCo 1 Netherlands BV (TMICC).
Under the agreement, TMICC will acquire the entire stake held by the Unilever Shareholders in Kwality Wall's, thereby taking a controlling interest in KWIL.