Overview
- Shares opened at Rs 29.80 on the NSE and Rs 29.90 on the BSE, roughly 25–26% below the adjusted reference price, implying a market value of about Rs 7,000–7,400 crore.
- On day two of trade, the stock fell a further 5% to close at Rs 28.04, extending losses after the weak debut.
- The Magnum Ice Cream Company HoldCo 1 (TMICC) is set to take controlling ownership under a June 2025 share purchase agreement and has announced an open offer to increase its stake.
- The listing follows an NCLT‑approved carve‑out of HUL’s ice‑cream unit, with a 1:1 share allotment to HUL investors and trading permissions granted by the NSE and BSE.
- Broker and market commentary flagged intense competition, input costs and seasonality, noting FY25 EBITDA at about 7.1% and H1 FY26 margin compression, even as KWIL highlights distribution scale and premiumisation opportunities.