StockX has tapped Morgan Stanley and Goldman Sachs for its upcoming IPO, according to people familiar to the matter.
The resale platform which has become synonymous with expensive and rare trainers is aiming to go public in the first half of the year, however the timing could still change.
It announced that it was valued at $3.8 billion in April following a secondary tender offering, according to a statement.
“I cannot comment on market speculation or rumours” a StockX spokeswoman said in the statement.
“Today, we’re focused on growth and execution, which includes global expansion, category diversification, and continuing to invest in technology and innovation around product authentication.”
Neither Morgan Stanley or Goldman Sachs have spoken on the subject at this time.
StockX took advantage of the number of side-hustlers that came out of the pandemic as businesses closed down, seeing huge swathes of trainer resellers or ‘sneaker heads’ flock to the platform to shift their goods at huge mark-up prices.
Brands including Nike Jordan, Supreme and Yeezy are often seen being both bought and sold by ‘hype beasts.’
Recently, Kanye West’s highly sought after Yeezy x Gap collaboration saw items sell for huge sums on StockX.
The “Round Jacket” which had sellers asking for up to £1000 on the platform.
“The hoodies as a whole are selling for around 50 percent above retail,” StockX senior economist Jesse Einhorn said.
“That puts them in fairly rarefied company when it comes to other Yeezy releases.”
Clothing from West’s Yeezy brand is often seen on average around 30% above retail on StockX, according to Einhorn.
“This is a deliberate strategy where you generate extraordinary hype around a specific item and that has a halo effect on the rest of the products,” he said.