Champion Breweries opens N42bn public offer at N16 per share

Champion Breweries Plc has formally opened its N42 billion Public Offer of ordinary shares, priced at N16 per share, following approvals from the Securities and Exchange Commission and Nigerian Exchange Limited.

The offer, which opened on January 8, 2026, gives both institutional and retail investors a chance to buy into the brewer’s next growth phase as it moves to acquire the Bullet brand portfolio and deepen its presence across African markets. It represents the second leg of Champion’s two-step capital-raising plan, following a N15.9 billion Rights Issue earlier offered to existing shareholders.

Under the Public Offer, Champion is offering 2.625 billion ordinary shares of 50 kobo each, payable in full on application. The offer is scheduled to close on January 21, 2026, with the shares to be listed on the Nigerian Exchange Limited. Access Bank is the receiving bank, while applications can be submitted through approved receiving agents listed in the Prospectus or electronically via the NGX Invest platform.

Proceeds from the Public Offer, together with funds raised from the Rights Issue, will be used primarily to acquire the Bullet brand portfolio through an asset carve-out arrangement. The transaction will transfer ownership of Bullet’s brands, trademarks, recipes and commercial rights across its African markets to Champion. Part of the funds will also support working capital needs and growth initiatives, including route-to-market expansion, marketing, innovation and capacity growth.

Bullet is Nigeria’s leading ready-to-drink alcoholic beverage and one of the top energy drink brands in the markets where it operates. The brand is currently sold in 14 African countries and generates a sizable portion of its revenues in foreign currency, providing Champion with a natural hedge against foreign exchange volatility and a platform for continued regional expansion.

Champion has recorded strong financial performance in recent years. Revenue grew from N12.7 billion in 2023 to N20.9 billion in 2024, while net income rose 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 highlighting the strength of its operating model.

Commenting on the offer, Managing Director of Champion Breweries Plc, Dr Inalegwu Adoga, said: “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, added: “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.”

The Public Offer is being managed by Rand Merchant Bank Nigeria Limited as Lead Issuing House, alongside 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 as Joint Issuing Houses. Africa Prudential Plc is the Registrar to the Offer.

Prospective investors are advised to study the Prospectus carefully and seek professional advice before making any investment decision.