Mumbai, Feb. 16 -- The stock listed at Rs 29.90 on the BSE and at Rs 29.80 on the NSE, below the adjusted reference prices of Rs 38.15 on the BSE and Rs 40.20 on the NSE. It was last trading at Rs 31.25 on the BSE.

The listing follows the demerger of Hindustan Unilever's ice cream business into Kwality Wall's (India), effective 1 December 2025 under a scheme approved by the National Company Law Tribunal. Shareholders of Hindustan Unilever as of 5 December 2025 received one share of Kwality Wall's for every share held. The company owns brands such as Magnum, Cornetto and Twister and operates in over 400 cities with a distribution network of more than 200,000 outlets.

Separately, Kwality Wall's informed the exchanges that an open offer ha...