Champion Breweries Plc has unveiled a N42bn Public Offer of ordinary shares, opening a new phase in the company’s capital-raising programme aimed at funding expansion and the acquisition of the Bullet brand portfolio across Africa.
The offer, which opened on 8 January 2026, is priced at N16.00 per share and follows approvals from the Securities and Exchange Commission and Nigerian Exchange Limited. Under the offer, Champion is issuing 2.63bn ordinary shares of 50 kobo each, payable in full on application. The offer is scheduled to close on 21 January 2026, after which the shares will be listed on the NGX.
The Public Offer represents the second phase of Champion’s two-step capital-raising programme, coming after the successful N15.9bn Rights Issue to existing shareholders. Proceeds from both exercises will be used largely to fund the acquisition of the Bullet brand portfolio through an asset carve-out structure, as well as to support working capital and growth initiatives.
According to the company, the Bullet asset carve-out will transfer ownership of the brand’s trademarks, recipes and commercial rights across its African markets to Champion, positioning the brewer for regional expansion and improved foreign currency earnings.
Commenting on the offer, Managing Director of Champion Breweries Plc, Inalegwu Adoga, said the transaction presents an opportunity for investors to participate in the company’s next growth phase.
“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 ready-to-drink and energy drink platform,” he said.
Also speaking, Group Managing Director of enJOYcorp, David Butler, described the offer as a strategic move to scale operations efficiently across markets.
“Champion’s story is one of disciplined execution and smart capital deployment. The asset carve-out structure for Bullet will allow us to unlock foreign exchange earnings and scale quickly, without heavy upfront investment in new plants. This Public Offer enables a wider pool of investors to participate in that strategy,” Butler said.
Champion noted that Bullet is one of Nigeria’s leading ready-to-drink alcoholic beverages and among the top energy drink brands in its markets of operation. The brand is currently sold in 14 African countries, with a significant portion of revenues earned in foreign currency, providing a natural hedge against exchange rate volatility.
The company has recorded strong financial performance in recent years. Revenue rose from N12.7bn in 2023 to N20.9bn in 2024, while net income increased from N370m to N817m over the same period. In the first half of 2025, Champion reported N15.9bn in revenue and N2.3bn in net income, marking its strongest half-year performance to date.
The Public Offer is being managed by Rand Merchant Bank Nigeria Limited as Lead Issuing House, alongside several joint issuing houses, while Africa Prudential Plc is serving as Registrar. Applications can be submitted through authorised receiving agents or electronically via the NGX Invest platform.
