Magnum Ice Cream debuted on the Amsterdam stock exchange on Monday, achieving a market valuation of $9.24 billion, marking a major milestone in its spinoff from Unilever. Shares opened at 12.96 euros each, slightly below analyst expectations, reflecting a reference price set at 12.8 euros aimed at attracting early investors while mitigating potential volatility from index fund activity. Magnum, now the world’s largest standalone ice cream business, operates flagship brands including Wall’s, Cornetto, and Ben & Jerry’s, and commands more than 20 percent of the global $87 billion ice cream market.
The listing in Amsterdam is the first step in a broader multi-market rollout, with shares also scheduled for London and New York. While initial trading excludes inclusion in major indices such as the FTSE, analysts note that early downward pressure is possible, driven by separation costs from Unilever and the absence of a dividend in 2026. Unilever retains a 19.9 percent stake with plans to fully exit within five years.
Magnum’s market debut comes as it seeks to sharpen its operational focus. By operating independently, the company aims to improve agility and efficiency in a business where cold-chain logistics demand more complex management than Unilever’s personal care brands. 2024 revenue stood at 7.9 billion euros, roughly matching its market valuation, while Morningstar estimates the company’s 2025 adjusted earnings at eight times valuation.
Competition remains robust, with Froneri, the Nestlé-PAI joint venture, valued at 15 billion euros and holding an 11 percent global market share. Magnum faces evolving consumer preferences, including rising demand for healthier options influenced by GLP-1 weight-loss treatments and public campaigns promoting wellness.
CEO Peter ter Kulve described the listing as a “proud milestone” and emphasized that as a standalone company, Magnum will be “more focused, more agile, and more ambitious than ever,” leveraging its portfolio to grow in both indulgent and emerging ice cream categories worldwide.
