Kwality Wall’s Shares Crash on NSE Listing, Investors Face Heavy Losses

New Delhi, India: Ice cream maker Kwality Wall’s (India) debuted on the NSE today, listing at a sharp discount and causing significant losses for investors. The company was demerged from Hindustan Unilever (HUL) last year, with the demerger effective from 1 December 2025 and the record date for eligible shareholders fixed on 5 December 2025.

Listing Details
The issue price of Kwality Wall’s shares was ₹40.20, but they listed at ₹29.80 on the NSE—a nearly 26% discount. The company’s market capitalization at listing stood around ₹7,000 crore. During trading, the shares dropped to ₹28.31. By 11 AM, the stock was trading at ₹31, about 23% below the issue price but 4% above the listing price.

Open Offer by Magnum Ice Cream Company
Kwality Wall’s informed the exchange that The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. has launched an open offer to acquire up to 26% of the company’s voting share capital at an offer price of ₹21.33 per share. Kotak Mahindra Capital has been appointed as the manager for the open offer.

Sector Outlook
Under the demerger scheme, HUL shareholders receive one Kwality Wall’s share for every HUL share held. Domestic brokerage firms had expected the share price to trade between ₹50–55. The reduction of GST on ice cream from 18% to 5% is expected to boost demand. However, analysts note that the ice cream sector continues to face competitive and operational challenges.