The float would create the first “pure-play” publicly traded bookselling stock of scale, offering investors direct exposure to physical retail’s resurgence.

Elliott Management, the owner of both Barnes & Noble and Waterstones, has moved a step closer to taking the bookselling chains public, according to a Bloomberg report this week.

The hedge fund has begun sounding out potential advisers for an initial public offering that could value the combined entity at several billion dollars, with investment banks potentially appointed in early 2026.

The prospective float represents a remarkable turnaround for physical bookselling. Elliott acquired Waterstones in 2018 and purchased a struggling Barnes & Noble for $683 million in 2019, at a time when many industry observers believed BN was beyond rescue.

Installing James Daunt as chief executive of both chains, was in pure business terms a stroke of genius, but came with many prices to pay.

Under Daunt’s stewardship – characterised by decentralised buying decisions and a “boutique” philosophy applied at scale – came deep staff cuts, a cavalier attitude to digital (this was the man who sold Kindle ereaders in the Waterstones store) and a cut-throat attitude towards suppliers that would have made Jeff Bezos proud.

The combined group reportedly generated approximately $400 million in profit from roughly $3 billion in sales over the 2024/2025 period.

Strategic Expansion Continues

Despite digital competition, Barnes & Noble has pursued aggressive physical growth, opening 67 new stores in 2025 and acquiring independent booksellers. Waterstones has similarly expanded its portfolio through acquisitions of Foyles, Hatchards, and Blackwell’s, cementing its position as the UK’s dominant high-street bookseller.

Listing Location and Timeline

While no final decisions have been made, London is understood to be the preferred venue for the listing, though New York remains an alternative. The company’s financial year concludes in April, making any IPO unlikely before the second half of 2026 at the earliest. Daunt told the BBC earlier this month that a public listing “feels like an inevitability”.

The potential London listing would provide a significant boost to the LSE, which has faced an exodus of listings to New York in recent years. Recent UK regulatory reforms – including relaxed rules on dual-class share structures – have made London more attractive to founder-controlled businesses seeking public markets whilst retaining strategic control.

The View From The Beach

For publishing professionals, the float would create the first “pure-play” publicly traded bookselling stock of scale, offering investors direct exposure to physical retail’s resurgence. Some argue the move validates the “BookTok”-driven revival in print reading and positions the combined entity as a formidable counterweight to Amazon’s market dominance.

TNPS agrees on the latter, but questions the former. Link in comments.

This post first appeared in the TNPS LinkedIn newsfeed.