StockX launches first-ever consumer goods IPO
StockX announced on Tuesday its expansion from the sneaker resale market to limited edition products. The company has created the capability for companies and brands to have an initial public offering (IPO) of limited-edition consumer products.
Starting today, consumers can bid on limited edition Fourth of November merchandise created by Roc-A-Fella Records Co-Founder Kareem “Biggs” Burke. The apparel on StockX will be centered on the 20th anniversary of Jay Z and Roc-A-Fella Records’ critically acclaimed platinum debut album Reasonable Doubt.
"From the day we began working on the 'Stock Market of Things', we've been searching for the next 'thing' - the next high-demand, limited-edition product we could launch on our exchange," said StockX co-founder and CEO Josh Luber. "We are honored to have the opportunity to work with Biggs and Fourth of November to launch the world first consumer-goods IPO with exclusive merchandise from perhaps the greatest hip hop album of all time."
The consumer goods IPO on StockX will function the same way as a traditional IPO on the New York Stock Exchange. Pre-bidding will open on StockX at a minimum bid price, then products will be sold to the highest bidders, based on quantity, and finally products will be shipped to buyers and can be resold on StockX.
StockX was co-founded by CEO Josh Luber and Quicken Loans Chairman Dan Gilbert, who is the majority owner of the 2016 NBA Champion Cleveland Cavaliers. The Detroit-based “stock market of things” launched in February 2016 and has been focused on the $6 billion sneaker resale market.
"Allowing consumers to purchase limited-edition products at an IPO the same way they would with company stock on the New York Stock Exchange is the next step in StockX's continued growth to become a viable and better way to both buy and sell certain product categories," said Luber.
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