Unilever completes ice cream split as Magnum trades at 12.8 euros apiece in Amsterdam listing

Unilever on Monday completed the demerger of its ice cream division with the listing of The Magnum Ice Cream Company (TMICC) on the Amsterdam stock exchange.

Shares of the newly independent company opened at 12.8 euros (Rs 1,344.38) apiece, valuing the business at 7.84 billion euros ($9.14 billion), according to Reuters. The debut valuation comes in below the company’s 2024 earnings before interest, taxes, depreciation and amortisation (EBITDA) of 7.9 billion euros.

TMICC—home to brands including Magnum, Wall’s and Cornetto—controls more than 20% of the $87 billion global ice cream market. The company is betting on rising demand for indulgent snacks and steady long-term category growth, projected at 3–4% annually.

The listing follows a significant leadership change. Last week, Peter ter Kulve stepped down as president of Unilever’s ice cream division ahead of the demerger. Ter Kulve, appointed earlier this year as CEO of the new standalone company, praised Unilever’s talent ecosystem, calling it “an extraordinary talent machine… difficult to replicate.”

TMICC is expected to seek additional listings in London and New York later this year as part of its transition into a fully independent global business.

Unilever first announced the ice cream separation in 2024 as part of a broad restructuring, arguing that the category operated on a fundamentally different business model and would be better positioned for growth outside the group.