Hindustan Unilever demerges Kwality Wall’s, 2.3 Billion shares to list on stock market

MUMBAI: Hindustan Unilever Limited (Hul) is bringing Kwality Wall’s (India) Limited (Kwil) to the stock market. The ice cream maker will start trading its shares on the BSE and NSE, opening a new investment opportunity.

The scheme of arrangement between Hul and Kwil has received regulatory approvals. On 12 February 2026, Kwil received confirmation from both exchanges that its equity base is ready for public trading.

Kwality Wall’s is listing a total of 2,34,95,91,262 equity shares, each with a face value of Re. 1. The shares will trade under the symbol ‘KWIL’ on the NSE. Each share is individually numbered from 1 to 2,34,95,91,262.

Trading will begin on 16 February 2026. Investors can buy shares in market lots of one, allowing even small investors to participate.

The demerger marks a significant structural shift for the brand. Following the spin-off process from the Unilever Group, The Magnum Ice Cream Company will hold a 61.9 per cent controlling stake in Kwality Wall’s. This entity now serves as the dedicated home for some of India’s most well-known frozen treat brands, including Cornetto, Magnum, Feast, and Creamy Delight. The separation allows the ice cream business to operate with greater independence and a focused capital structure.

The road to this listing began in January 2025 when the proposal was first announced, subsequently receiving initial stock exchange observations in May 2025. As part of the arrangement, investors who held Hul shares as of the record date of 5 December will receive a 1:1 share allotment, meaning one share of Kwality Wall’s for every one share of Hul held. This allotment ensures that Hul’s existing shareholder base retains a direct interest in the newly independent entity.

Trading starts on Monday, marking the official debut of KWIL as a publicly listed company.