Magnum ice cream doubts as world's largest standalone ice cream company in $9.1 billion listing

The Magnum ice cream company made its stock market debut on Monday, December 8, completing a long-awaited spinoff from consumer goods giant Unilever.

The listing, valued at around 7.84 billion euros ($9.14 billion), creates the world’s largest standalone ice cream business.

Shares began trading on Euronext Amsterdam at 12.20 euros, slightly below the 12.80 euro reference price, before rising to around 13 euros in early trading.

The company also started secondary listing on the London and New York stock exchanges.

Secondary listings on the London and New York stock exchanges have also started.

The debut tests investor appetite for a business centered on a sugar-heavy product amid shifting consumer trends, including the rise of weight-loss drugs and health conscious campaigns.

With this move, the company would be “more agile, more focused, and more ambitious than ever,” stated CEO Peter ter Kulve.

Alongside Magnum, Unilever decided to spin off other divisions including brands like Ben & Jerry’s, Wall’s, and Cornetto to enable a dedicated focus on the complex, capital intensive ice cream supply chain.

The unit generated 7.9 billion euros in revenue in 2023.

However, this comes with major challenges including commodity exposure, governance issues with Ben & Jerry and a weather centered business.

Despite the challenges, the company has set medium-term revenue growth targets of 3% to 5% from 2026 onward, betting that an independent structure can reinvigorate its iconic brands in the global frozen snacks market.