The Magnum Ice Cream Company (TMICC), the world’s largest ice cream producer, has begun trading on the Amsterdam, London and New York stock exchanges following its spin-off from UK consumer goods giant Unilever.

Since its Dec. 8 debut, TMICC’s shares have slipped in London and New York but gained in Amsterdam. The company issued 612 million shares, valuing it at roughly EUR7.9 billion (USD9.2 billion).

TMICC was carved out of Unilever last year and began operating as an independent firm in July. Unilever retains a 20% stake, which it intends to fully divest over the next five years.

Unilever said the separation made strategic sense, noting that the business — highly seasonal, capital intensive and reliant on cold-chain logistics — no longer fit well with its four core product groups. As a standalone company, the ice cream business is expected to better pursue its own operating model, while Unilever sharpens its focus and reallocates resources to categories more aligned with its strengths.