Magnum Ice Cream IPO Delayed: Unilever's Sweet £65 Billion Spinoff Frozen by US Government Shutdown

The demerger of Unilever's ice cream division becomes official if The Magnum Ice Cream Company (TMICC) makes its stock market debut. However, the target date has been jeopardized by an unfortunate event.

The US Securities and Exchange Commission (SEC) is unable to review filings and approve new NYSE listings, including Magnum's, because of the federal government shutdown.

Unilever has originally set 10 November 2025 as the first trading day on the Euronext Amsterdam, with parallel listings in the UK and the US. There's a possibility the freeze could extend until Christmas.

Global Market Leader

The Unilever Board believes spinning off the ice cream division and making TMICC a separate company benefits all stakeholders. Since July 2025, the global market leader in ice cream has been operating independently. Its core brands include Magnum, Cornetto, and Ben & Jerry's.

On 9 September 2025, TMICC hosted an investor party and its first Capital Markets Day (CMD) at the same time. The leadership team took turns in presenting the overall strategic plan and financial outlook.

Jean-François van Boxmeer, Chair Designate of TMICC, said, "The Magnum Ice Cream Company has the scale, the expertise and, most importantly, the strategy to drive an already outstanding business towards further success for all stakeholders."

According to TMICC Chief Executive Officer and Executive Director Peter ter Kulve,the global portfolio of iconic market-leading brands, world class distribution network and track record of industry-leading innovation should enhance shareholder value.

A heritage spanning 160 years is also a competitive advantage. "Together, we will build on our heritage, drive sustainable growth and bring the joy of ice cream to even more people around the world," Mr. ter Kulve added.

Addressable Market

The addressable global ice cream market is around €75 billion (£65.5 billion), and has consistently grown at a compound annual growth rate (CAGR) of 3% to 4% over the past ten years. TMICC's share of the global retail market is approximately 21%.

In the medium term, its productivity program expects to generate cumulative gross savings of €500 million (£436.6 million), while also driving growth and expanding margins.

Major Competitor

TMICC operates in a competitive environment, and its chief rival is none other than Froneri, a joint venture between Swiss food giant Nestlé and private equity firm PAI Partners. The Abu Dhabi Investment Authority is a minority investor. Its famous ice cream brands are Häagen-Dazs and Rowntree's.

Some market analysts say TMICC is following Froneri's footsteps or is seeking to adopt the same successful business model. Both companies claim to hold the number one market positions in the Americas. The battle would be in their premium ice

TMICC is confident in its strategy to achieve annual organic sales growth of 3% to 5% from 2026 and to improve productivity. The company also boasts a focused portfolio and entrenched market exposure. However, Royal Bank of Canada Capital Markets doesn't see TMICC hitting its organic revenue growth target post-demerger.

Alternate Route

An alternate route for an early December listing is through an SEC automatic approval, according to Srinivas Phatak, Chief Finance Officer of Unilever.

Still, investors have to wait longer or until the actual listing date to learn the opening price. TMICC also announced a stable dividend policy, where 40% to 60% of net income will be paid out as dividends. The first dividend payment for the full-year 2026 is the following year.