Elliott Plots New IPO Chapter for Barnes & Noble in London, Not New York

London could edge out New York as the destination for the proposed IPO of Elliott Management-owned bookselling giants Barnes & Noble and Waterstones later this year.

Listing this Year

According to a report on Sky News in the U.K., Elliott Management, the hedge fund owner of both brands, is preparing to appoint bank Rothschild to act as an independent adviser on its flotation options. It is understood that a listing is expected to take place as soon as the second quarter this year.

In Britain, Waterstones trades from about 315 stores and employs roughly 4,000 people. As well as Waterstones, Elliott also owns bookseller Barnes & Noble, which trades from around 600 stores in the U.S.

Given the transatlantic ties, both London and New York are said to be in the running for the listing. Analysts, however, believe that the appointment of London and Paris-headquartered Rothschild is the clearest sign so far that London is well-placed to triumph over New York with this IPO.

It is understood that in the coming months a number of other banks will be appointed to oversee the public listing and share sale. That could give a further indication of the next chapter in the Waterstones and Barnes & Noble IPO story.

Quite the Story

Elliott bought Waterstones for an undisclosed sum in 2018 from Russian billionaire Alexander Mamut. The fund then bought Barnes & Noble in 2019 for $683 million.

It is understood that Elliott will be seeking a multi-billion-dollar valuation for its combined bookstore empire.

That’s because both brands have withstood the challenge of the digital world, as more people return to the joy of physical reading. The combined business reportedly generated approximately $400 million in profit from roughly $3 billion in sales over the 2024/2025 period.

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