Published by Global Banking & Finance Review®
Posted on December 8, 2025
2 min readLast updated: January 20, 2026
Magnum Ice Cream sets a 12.80 euro reference price for its market debut, following a spinoff from Unilever. The company will be listed on Euronext with secondary listings in New York and London.
Dec 5 (Reuters) - The Magnum Ice Cream Company's reference price was set at 12.80 euros ($14.89) per share for its stock market debut on Monday, Euronext said in a notice on Friday.
Magnum's long-awaited spinoff from consumer goods conglomerate Unilever was delayed by a month by the U.S. government shutdown and will see the company become the world's biggest standalone ice cream business, home to brands including Wall's, Ben & Jerry's and Cornetto. Magnum will have secondary listings in New York and London.
The reference price acts as a guide to a company's value ahead of a direct listing or spinoff. Unlike an initial public offering, there is no new capital being raised.
Magnum said the reference price does not set the opening price and has no impact on subsequent trading or represent the company's valuation, with the share price being determined as a result of a short auction pre-market opening.
Euronext set the internal reservations thresholds, a form of pricing volatility control that can lead to a trading halt, at 20% above or below the reference price.
Unilever is retaining a 19.9% stake in the business, but plans to exit within five years.
Unlike Unilever, Magnum's shares will not be eligible for inclusion in FTSE Indices. Magnum has warned its shares may face downward pressure after the listing as index-tracking funds are forced to sell their holdings.
($1 = 0.8595 euros)
(Reporting by Dimitri Rhodes, Alexander Marrow and Charlie Conchie; Editing by Matt Scuffham and Diane Craft)
A reference price is an initial price set for a company's shares before its stock market debut. It serves as a guide to the company's value but does not determine the opening price or affect subsequent trading.
A spinoff occurs when a company creates a new independent company by selling or distributing new shares. The original company retains a stake in the new entity, allowing it to focus on its core business.
An initial public offering (IPO) is the process by which a private company offers shares to the public for the first time, allowing it to raise capital from public investors.
Index-tracking funds are investment funds designed to replicate the performance of a specific index, such as the FTSE. They invest in the same securities as the index to achieve similar returns.
A trading halt is a temporary suspension of trading on an exchange, usually due to significant news or events that could impact a stock's price. It allows investors to assess the information before trading resumes.
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