CHAMPION Breweries Plc has initiated a N42 billion public offer as part of its larger N58 billion capital-raising initiative aimed at acquiring the Bullet energy drink brand.

The public offer, which opened on January 8 and will close on January 21, entails the issuance of 2.625 billion ordinary shares, each valued at 50 kobo, priced at N16 per share. The move comes after receiving the necessary approvals from the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX), where the shares are set to be listed.

This public offer marks the second phase of Champion Breweries’ capital-raising strategy. In December 2025, the company launched a rights issue targeting existing shareholders to raise around N16 billion. Although the exact amount raised from that rights issue remains undisclosed, the combined proceeds from both initiatives are expected to reach roughly N58 billion.

Funds raised from the public offer and the prior rights issue will primarily finance the acquisition of the Bullet brand portfolio via an asset carve-out arrangement. This transaction will transfer ownership of Bullet’s trademarks, recipes, brands, and commercial rights across its African operations to Champion Breweries. Additionally, a portion of the capital will support working capital needs and growth projects, including market expansion, marketing campaigns, product innovation, and capacity enhancement.

Bullet, which operates in the ready-to-drink alcoholic beverage and energy drink sectors, is available in 14 African countries. A significant portion of its revenue is generated in foreign currency, providing Champion Breweries with a potential hedge against exchange rate fluctuations while bolstering its regional growth strategy.

Champion Breweries has demonstrated improved financial performance alongside a broader rebound in Nigeria’s consumer goods sector. Its revenue increased to N20.9 billion in 2024 from N12.7 billion in 2023, while profit after tax rose to N817 million from N370 million. In the first half (H1) of 2025, the company reported revenue of N15.9 billion and net income of N2.3 billion, already surpassing its total profit for 2024.

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Rand Merchant Bank Nigeria Limited is serving as the lead issuing house for the public offer, supported by joint issuing houses including FBNQuest Merchant Bank, FCMB Capital Markets, CardinalStone Partners, Greenwich Merchant Bank, Chapel Hill Denham Advisory, Comercio Partners Capital, and Fortress Capital. Africa Prudential Plc has been appointed as registrar.

Investors can submit applications through authorised receiving agents listed in the prospectus or electronically via the NGX Invest platform, with Access Bank designated as the receiving bank.

Champion Breweries, a publicly traded Nigerian beverage company known for brands such as Champion Lager and Champ Malta, is part of the enJOYcorp Group. Following the Bullet acquisition, the company is expected to expand its operations across multiple beverage segments and African markets.