Champion Breweries Plc has opened a N42 billion public offer. This is part of the broader N58 billion capital-raising programme aimed at funding its acquisition of the Bullet energy drink brand.
The offer, which opened on January 8 and is scheduled to close on January 21, involves the issuance of 2.625 billion ordinary shares of 50 kobo each at N16 per share. It follows regulatory approvals from the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX). The shares will be listed on the NGX.
The public offer represents the second leg of Champion’s capital-raising plan. In December 2025, the company sought to raise about N16 billion through a rights issue offered to existing shareholders. Although, it is unknown how much was raised from the rights issue, however, with this public offer, it brings the total programme to approximately N58 billion.
Proceeds from both the public offer and the earlier rights issue are expected to be applied primarily to the acquisition of the Bullet brand portfolio through an asset carve-out structure. The transaction is designed to transfer ownership of Bullet’s brands, trademarks, recipes and commercial rights across its African markets to Champion Breweries. Part of the funds will also be deployed to support working capital and growth initiatives, including route-to-market expansion, marketing, product innovation, and capacity upgrades.
Bullet operates in the ready-to-drink alcoholic beverage and energy drink segments and is sold across 14 African countries. A significant share of its revenues is earned in foreign currency, which Champion expects to provide some hedge against exchange rate volatility and support its regional growth ambitions.
Champion Breweries’ recent financial performance has improved amid a broader recovery in Nigeria’s consumer goods sector. Revenue rose to N20.9 billion in 2024 from N12.7 billion in 2023, while profit after tax increased to N817 million from N370 million over the same period. In the first half of 2025, the brewer reported revenue of N15.9 billion and net income of N2.3 billion, already exceeding its full-year profit for 2024.
The public offer is being managed by Rand Merchant Bank Nigeria Limited as lead issuing house. FBNQuest Merchant Bank, FCMB Capital Markets, CardinalStone Partners, Greenwich Merchant Bank, Chapel Hill Denham Advisory, Comercio Partners Capital and Fortress Capital feature as joint issuing houses. Africa Prudential Plc is acting as registrar.
Applications can be made through authorised receiving agents listed in the prospectus or electronically via the NGX Invest platform. Access Bank has been appointed as the receiving bank.
Champion Breweries is a publicly listed Nigerian beverage company with brands such as Champion Lager and Champ Malta. It is part of the enJOYcorp Group and, following the completion of the Bullet acquisition, is expected to operate across multiple beverage categories and markets within Africa.