Barnes & Noble group prepares for initial public offering
Updated
Updated · The Wall Street Journal · May 10
Barnes & Noble group prepares for initial public offering
14 articles · Updated · The Wall Street Journal · May 10
Elliott Investment Management is planning a London listing bundling Barnes & Noble, UK chain Waterstones and Chicago-based Paper Source, with JPMorgan, UBS, Goldman Sachs and Morgan Stanley as underwriters.
The move follows a turnaround under chief executive James Daunt, who cut costs, reduced book returns to about 8% from 20%-25%, and is expanding Barnes & Noble to an expected 740 US stores this year.
Elliott bought Barnes & Noble in 2019 for $475 million plus debt after years of decline, and the chain now faces mixed reactions from publishers and independent booksellers as it regains strength.
As Barnes & Noble demands Amazon-like terms, will its revival ultimately help or harm the publishers it depends on?
Can a turnaround built on ruthless efficiency successfully recreate the authentic, local bookstore experience?
Inside the Barnes & Noble–Waterstones $3B IPO: Turnaround, Expansion, and the Future of Book Retail
Overview
Elliott Management Corp. is moving forward with a combined IPO for Barnes & Noble and Waterstones, aiming for a multibillion-dollar listing. This process began in November 2025, when the company started talks with advisers and invited investment banks to oversee the share sale. The IPO is seen as a major milestone, highlighting the successful turnaround of Barnes & Noble under James Daunt’s leadership. Elliott is considering London as the main venue for the listing, which could boost the London Stock Exchange. The combined entity’s strong revival and expansion plans make this IPO an attractive opportunity for investors.