Elliott gears up for Barnes & Noble and Waterstones listing
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Barnes & Noble and Waterstones are the two largest booksellers in the US and UK respectively © Chris J Ratcliffe/BloombergElliott gears up for Barnes & Noble and Waterstones listing on x (opens in a new window)Elliott gears up for Barnes & Noble and Waterstones listing on facebook (opens in a new window)Elliott gears up for Barnes & Noble and Waterstones listing on linkedin (opens in a new window)Elliott gears up for Barnes & Noble and Waterstones listing on whatsapp (opens in a new window) Save Elliott gears up for Barnes & Noble and Waterstones listing on x (opens in a new window)Elliott gears up for Barnes & Noble and Waterstones listing on facebook (opens in a new window)Elliott gears up for Barnes & Noble and Waterstones listing on linkedin (opens in a new window)Elliott gears up for Barnes & Noble and Waterstones listing on whatsapp (opens in a new window) Save Daniel Thomas, Ivan Levingston and Ashley Armstrong in LondonPublishedDecember 18 2025Jump to comments sectionPrint this pageUnlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Elliott Management is preparing for a multibillion-pound flotation of Barnes & Noble and Waterstones, the booksellers owned by the US investor, with a listing expected to come next year in London or New York. The fund manager has spoken to potential advisers about an initial public offering, according to people close to the discussions, who added that Elliott could appoint investment banks in early 2026.London was likely to be favoured over New York as a venue for the listing on current thinking, one person said, given the steady income being generated by the businesses, which could be attractive to yield-seeking UK funds. No final decisions had been taken and the plans could yet shift, people familiar with the matter said. The company’s financial year runs until April, which makes any IPO unlikely until after the summer at the earliest. Elliott declined to comment.Barnes & Noble and Waterstones are the two largest booksellers in the US and UK respectively. The group has 775 shops in the US and a further 316 in the UK, and last year generated about $400mn in profit from about $3bn in sales.Under chief executive James Daunt, the group has expanded quickly ahead of a possible flotation, opening dozens of shops.Daunt, who also owns his eponymous independent UK book chain, has run Waterstones since 2011. Under his leadership, Waterstones has bought up other rivals such as Foyles, Hatchards and Blackwell’s.Daunt told CNBC on Monday that book sales “were doing very well . . . 2025 has been a fantastic year for us”. He said the group had opened 67 new stores this year in the US.An IPO for the combined business would mark a significant milestone for the group after Elliott first acquired Waterstones — the UK’s largest bookseller — in 2018 without disclosing terms. The firm then acquired Barnes & Noble in 2019 for $683mn.A London IPO would be a welcome boost to the UK market, which has struggled to attract larger flotations in recent years. Other private equity-owned groups, such as the £5bn roadside recovery business RAC, are also weighing up possible listings in London next year. While the New York hedge fund Elliott is best known for its activist campaigns taking on large companies and governments, it has built up a portfolio of UK high-street mainstays such as the restaurant chain Wasabi. Last year it also explored a takeover of the electronics retailer Currys before abandoning the effort. Reuse this content (opens in new window) CommentsJump to comments sectionPromoted Content Follow the topics in this article UK retail industry Add to myFT IPOs Add to myFT US retail Add to myFT Hedge funds Add to myFT Financial services Add to myFT CommentsElliott Management is preparing for a multibillion-pound flotation of Barnes & Noble and Waterstones, the booksellers owned by the US investor, with a listing expected to come next year in London or New York. The fund manager has spoken to potential advisers about an initial public offering, according to people close to the discussions, who added that Elliott could appoint investment banks in early 2026.London was likely to be favoured over New York as a venue for the listing on current thinking, one person said, given the steady income being generated by the businesses, which could be attractive to yield-seeking UK funds. No final decisions had been taken and the plans could yet shift, people familiar with the matter said. The company’s financial year runs until April, which makes any IPO unlikely until after the summer at the earliest. Elliott declined to comment.Barnes & Noble and Waterstones are the two largest booksellers in the US and UK respectively. The group has 775 shops in the US and a further 316 in the UK, and last year generated about $400mn in profit from about $3bn in sales.Under chief executive James Daunt, the group has expanded quickly ahead of a possible flotation, opening dozens of shops.Daunt, who also owns his eponymous independent UK book chain, has run Waterstones since 2011. Under his leadership, Waterstones has bought up other rivals such as Foyles, Hatchards and Blackwell’s.Daunt told CNBC on Monday that book sales “were doing very well . . . 2025 has been a fantastic year for us”. He said the group had opened 67 new stores this year in the US.An IPO for the combined business would mark a significant milestone for the group after Elliott first acquired Waterstones — the UK’s largest bookseller — in 2018 without disclosing terms. The firm then acquired Barnes & Noble in 2019 for $683mn.A London IPO would be a welcome boost to the UK market, which has struggled to attract larger flotations in recent years. Other private equity-owned groups, such as the £5bn roadside recovery business RAC, are also weighing up possible listings in London next year. While the New York hedge fund Elliott is best known for its activist campaigns taking on large companies and governments, it has built up a portfolio of UK high-street mainstays such as the restaurant chain Wasabi. Last year it also explored a takeover of the electronics retailer Currys before abandoning the effort.