Kwality Wall's lists at 26% discount after HUL demerger
What's the story
Kwality Wall's (India) has made its stock market debut today after Hindustan Unilever Ltd's (HUL) demerger of its ice-cream business unit in December last year. The company's shares opened at ₹29.8 each on the National Stock Exchange (NSE), a discount of nearly 26% to the adjusted pre-listing price of ₹40.2 per share. On the Bombay Stock Exchange (BSE), the shares were listed at ₹29.9, down by around 22% from an adjusted price of ₹38.15 per share.
Market entry
Kwality Wall's enters with over ₹7,001cr market capitalization
Kwality Wall's entered the stock market with a market capitalization of over ₹7,001 crore. The price discovery for the shares was conducted during a special pre-open session from 9:15am to 9:45am before the regular trading session commenced at 10:00am. The last discovered prices before listing were ₹40.2 on NSE and ₹38.15 on BSE, respectively.
Demerger details
HUL demerged its ice-cream business in November last year
In November 2024, HUL had approved the demerger of its ice-cream business, which includes popular brands such as 'Kwality Wall's,' 'Cornetto' and 'Magnum.' The National Company Law Tribunal (NCLT) approved the demerger scheme on October 30, 2025. Under this scheme, HUL shareholders were allotted shares of the ice-cream business at a ratio of 1:1. This means that for every share held in HUL as on record date December 5, one share in Kwality Wall's would be allotted.