Champion Breweries Plc has announced a ₦42 billion public offer at ₦16 per share, marking a significant milestone in the company’s expansion strategy as it prepares to acquire the Bullet brand portfolio from Diageo.
According to a statement released on Friday, the public offering, which opened on January 8, 2025, will see the company issue 2.625 billion ordinary shares of 50 kobo each to institutional and retail investors.
Applications close on January 21, 2026, with the shares to be listed on the Nigerian Exchange Limited (NGX).
The capital raise represents the first phase of Champion’s two-step fundraising programme, complementing a previous ₦15.9 billion rights issue to existing shareholders. Proceeds will be used to fund the acquisition of Bullet’s brands, trademarks, recipes, and commercial rights across African markets through an asset carve-out structure.
Additional funds will support working capital requirements and growth initiatives, including route-to-market expansion, marketing, innovation, and capacity expansion.
Bullet, described as Nigeria’s leading ready-to-drink alcoholic beverage and a top energy drink brand, currently operates in 14 African countries and generates significant foreign currency revenues for Champion.
Champion has demonstrated robust growth in recent years. Revenue surged from ₦12.7 billion in 2023 to ₦20.9 billion in 2024, while net income jumped from ₦370 million to ₦817 million over the same period.
The momentum continued into 2025, with the company reporting ₦15.9 billion in revenue and ₦2.3 billion in net income for the first half of the year—representing record-setting performance.
Dr Inalegwu Adoga, Managing Director of Champion Breweries Plc, emphasised the strategic importance of the transaction:
“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.”
David Butler, Group Managing Director of enJOYcorp, highlighted the financial strategy:
“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.”
News.ng reports that the public offer is managed by Rand Merchant Bank Nigeria Limited as Lead Issuing House, with FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, and several other institutions serving as joint issuing houses. Africa Prudential Plc serves as registrar.
Access Bank has been designated as the receiving bank for the offer, which values Champion’s ordinary shares at ₦16.00 each, payable in full upon application.
Prospective investors are advised to review the prospectus carefully and consult financial advisers before making investment decisions.
