Fashion

Sneaker Market StockX Taps Morgan Stanley, Goldman for IPO

StockX, an online exchange for sneakers and streetwear brands, is working with Morgan Stanley and Goldman Sachs Group Inc. on its planned US initial public offering, according to people with knowledge of the matter.

StockX is aiming to go public as soon as the first half of the year, said the people, asking not to be identified discussing private information. The timing could change, they added. StockX 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 rumors” a StockX spokeswoman said in a 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.”

A representative for Morgan Stanley declined to comment. Representatives for Goldman Sachs didn’t immediately respond to requests for comment.

StockX is considering an IPO following a pandemic boom in collectibles of all kinds, from luxury watches to fine art and sneakers. Fanatics Inc. agreed this month to buy Topps Co.’s trading-card division in a deal said to be worth about $500 million. While best known as a market for sneakers such as retro Jordan’s and Yeezy kicks, StockX also connects buyers and sellers of other hip goods like rare hoodie sweatshirts, Playstations, Pokeman cards and other collectibles.

Founded in 2016, StockX’s investors include Tiger Global Management, Altimeter Capital, Dragoneer, rapper Jay-Z’s Marcy Venture Partners, DST Global and GGV Capital, statements showed.

By Crystal Tse and Katie Roof

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