Barnes & Noble and Waterstones owner Elliott Management is preparing to take the companies public "next year in London or New York," the Financial Times reported, adding that Elliott "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 is likely to be where the offering would be listed. "No final decisions had been taken and the plans could yet shift, people familiar with the matter said," the Financial Times continued. "The company's financial year runs until April, which makes any IPO unlikely until after the summer at the earliest. Elliott declined to comment."
Elliott bought Waterstones in 2018 and B&N the following year. Waterstones has gone on to buy Foyles, Hatchards, and Blackwell's. B&N has bought Tattered Cover in Denver and Books Inc. in the San Francisco Bay Area. B&N has also opened more than 60 stores this year.
The Bookseller noted that earlier this month, James Daunt, head of B&N and Waterstones, told the BBC that an IPO in either the U.S. or U.K. "feels like an inevitability and probably better than being flipped to the next private equity person."