Waterstones’ owner prepares for potential IPO next year

Waterstones and Barnes & Noble owner Elliott Management has had conversations with potential advisers about an IPO, which could be in London or New York, and may appoint investment banks early next year, the Financial Times reported. 

At present there has not been a final decision on an IPO, people familiar with the situation told the newspaper. The retailer’s year-end is in April, so a listing would likely be after that.

The business has been performing well under the leadership of James Daunt, who also separately owns his own bookselling business. Earlier this week, Daunt told US broadcaster CNBC on Monday that sales of books sales “were doing very well ”. He said that “2025 has been a fantastic year for us” and he had opened 67 new stores this year in the US.

Waterstones and Barnes & Noble are respectively the biggest book retailers in the UK and US. Between them they operate 775 branches in the US and 316 in the UK. Last year, the business generated profits of approximately $400m on sales of $3bn.

Elliott bought Waterstones in 2018, and Barnes & Noble the following year. Last year Elliott considered acquiring electricals retailer Currys but did not proceed.