Magnum shares opened at €12.20 in Amsterdam on Monday, below the technical reference price of €12.80 announced on Friday.
The opening price of EUR 12.20 corresponds to a market capitalization of nearly EUR 7.9 billion, equivalent to approximately SEK 86.5 billion.
The stock will also begin trading in London and New York as part of its triple listing.
The company, which owns the Ben & Jerry's and Cornetto brands, is debuting a month later than originally planned after the listing was delayed by the US government shutdown.
The spin-off of Magnum – which has struggled with profitability problems for some time – has been planned since 2024 and was previously scheduled for November 10.
According to the plan, Unilever would retain 20 percent of the shares in Magnum for up to five years after the spin-off.
