Kwality Wall’s shares list with 26% discount at ₹29.80 apiece versus adjusted price of ₹40.20 on NSE

Kwality Wall’s (India) shares were listed in the Indian stock market on Monday, 16 February 2026, after the completion of its demerger from Hindustan Unilever Ltd (HUL). Kwality Wall’s share price began trading at ₹29.80 apiece on the NSE, a discount of 25.87% to its adjusted price of ₹40.20 per share,

On BSE, Kwality Wall’s shares were listed with a discount of 21.6% at ₹29.90 apiece as against its adjusted price of ₹38.15 apiece.

The company debuted on Dalal Street with a market capitalisation of little above ₹7,001 crore. The fresh price discovery took place on Monday, February 16, in the special pre-open session between 9:15 am and 9:45 am, with regular trading commencing at 10 am.

The last discovered price of Kwality Wall’s shares prior to listing was ₹40.20 per share on the NSE and ₹38.15 per share on BSE.

The listing of equity shares of Kwality Wall’s follows the demerger of the ice-cream business from Hindustan Unilever (HUL). On February 13, the FMCG major had announced that Kwality Wall’s shares will start trading on BSE and NSE from February 16.

“The Company, has received the Listing and Trading Approval from BSE Limited and National Stock Exchange of India Ltd (‘NSE’) on 12th February, 2026 for the listing and trading of 2,34,95,91,262 equity shares of the Company,” said HUL in a stock exchange filing.

Kwality Wall’s (India) stock will remain in the T Group segment, which is trade-for-trade, for the first 10 sessions.

HUL Demerger Details

In November 2024, HUL approved the demerger of the ice cream business, which operates popular brands including Kwality Wall’s, Cornetto and Magnum. It received National Company Law Tribunal (NCLT) approval for the demerger scheme on October 30, 2025.

The demerger came into effect on December 1, 2025 after the company received approval from the NCLT. HUL demerger record date for determining shareholder eligibility was December 5.

HUL demerger share entitlement ratio was set at 1:1. This means that every shareholder of HUL received one share of the ice cream business for every share of the FMCG major they own, as on the record date.

HUL share price got adjusted for the demerger of Kwality Wall’s India, after a special pre-open session on the record date - December 5. Both the stock exchanges, BSE and NSE, conducted a special pre-open session on December 5 to facilitate price discovery. The process determined the fair value of HUL shares net of the ice-cream business.

The company had set December 29 as the share allotment date.

On November 28, NSE had announced that Kwality Wall's India shares would be included in the Nifty 50 index from December 5 as a part of index adjustments. The demerged entity was temporarily added to 35 Nifty indices at a zero price under a dummy symbol, ‘DUMMYHDLVR’, for calculation purposes.

At 10:25 AM, Kwality Wall’s share price was trading at ₹31.39 apiece on the BSE, up by 4.98% from its opening price. On NSE, the stock was trading at ₹31.29 apiece, up 5% from its opening price, and down by 22.16% from its issue price.

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