Champion Breweries Plc has officially opened its N42 billion Public Offer of ordinary shares at N16.00 per share to fund the acquisition of the Bullet brand portfolio.
According to a company statement seen by Nairametrics, the offer follows regulatory approvals from the Securities and Exchange Commission (SEC) and Nigerian Exchange Limited (NGX).
It opens on Thursday, January 8 and runs until January 21, 2026.
What the statement is saying
Champion said, “net proceeds from the Public Offer, together with funds raised from the Rights Issue, will be deployed primarily towards the acquisition of the Bullet brand portfolio through an asset carve-out arrangement.”
It added that “this transaction will transfer ownership of Bullet’s brands, trademarks, recipes and commercial rights across its African markets to Champion.”
The company said additional proceeds will support working capital and growth initiatives, including route-to-market expansion, marketing, innovation and capacity expansion.
Next phase of growth
According to the statement, the offer provides both institutional and retail investors an opportunity to participate in the company’s next phase of growth, as Champion positions itself to acquire the Bullet brand portfolio and expand its footprint across African markets.
The Public Offer represents the second phase of Champion’s two-step capital-raising programme, following the successful N15.9 billion Rights Issue offered to existing shareholders.
According to the company, the combined proceeds from both fundraising exercises will strengthen its balance sheet and support strategic expansion initiatives.
Public Offer details
Offer size: N42 billion
Offer structure: 2,625,000,000 Ordinary Shares of 50 kobo each
Offer price: N16.00 per share, payable in full on application
Application opens: January 8, 2026
Application closes: January 21, 2026
Listing venue: Nigerian Exchange Limited (NGX)
Receiving bank: Access Bank
The company said applications can be submitted through any of the receiving agents listed in the Prospectus or electronically via the NGX Invest platform.
Management comments
Commenting on the offer, Dr Inalegwu Adoga, Managing Director of Champion Breweries Plc, said the Public Offer marked a significant milestone in the company’s growth journey.
“The opening of our Public Offer is an invitation for investors to share in the next phase of Champion’s growth. With the Bullet acquisition, we are combining nearly 50 years of brewing heritage with a proven pan-African RTD and energy drink platform,” Adoga said.
Also speaking, David Butler, Group Managing Director of enJOYcorp, described Champion’s growth strategy as disciplined and capital efficient.
“Champion’s story is one of disciplined execution and smart capital deployment. The asset carve-out structure for Bullet will mean we can unlock FX earnings and scale quickly, without heavy upfront investment in new plants. This Public Offer allows a wider pool of investors to participate in that strategy,” Butler said.
Bullet brand strengthens FX earnings profile
Bullet is Nigeria’s leading ready-to-drink (RTD) alcoholic beverage and one of the top energy drink brands in its markets of operation.
Currently sold in 14 African countries, the brand generates a significant portion of its revenues in foreign currency, offering Champion a natural foreign-exchange hedge and a strong platform for regional expansion.
Champion said it has recorded steadily improving financial performance in recent years. According to the company, revenue rose from N12.7 billion in 2023 to N20.9 billion in 2024, while net income increased from N370 million to N817 million over the same period.
In the first half of 2025, the company posted N15.9 billion in revenue and N2.3 billion in net income, marking a record performance and underscoring the resilience of its operating model.
Issuing houses and registrar
The Public Offer is led by Rand Merchant Bank Nigeria Limited as Lead Issuing House, with FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, CardinalStone Partners Limited, Greenwich Merchant Bank Limited, Chapel Hill Denham Advisory Limited, Comercio Partners Capital Limited, and Fortress Capital Limited acting as Joint Issuing Houses.
Prospective investors are advised to review the Prospectus carefully and consult their stockbrokers, bankers or investment advisers before making an investment decision.
What you should know
Last month, Champion Breweries had announced that it was raising funds for the acquisition of the Bullet brand, a carve-out structure that the management says will provide immediate scale and foreign exchange earnings without heavy upfront investment.
The company’s initial N16 billion Rights Issue, designed to fund the acquisition of the Bullet brand portfolio, closed on January 5, 2026.
