eBay Inc EBAY rival StockX, an online exchange for sneakers and street apparel, is aiming to go public as soon as the first half of 2022, according to a Bloomberg report.
What Happened: The Detroit-based company is roping in Morgan Stanley MS and Goldman Sachs Group Inc GS for the initial public offering, people familiar with the matter told Bloomberg.
A StockX spokesperson refused to comment on the IPO and told Bloomberg that the company was “focused on growth and execution, which includes global expansion, category diversification, and continuing to invest in technology and innovation around product authentication.”
Why It Matters: Online marketplaces such as StockX have risen in popularity through the COVID-19 pandemic and are attracting investor interest.
In April, the company said it was valued at $3.8 billion following the completion of a $195 million secondary tender offering.
StockX, founded in 2016, is backed by Tiger Global Management, Altimeter Capital, Dragoneer, Jay-Z’s Marcy Venture Partners, DST Global, and GGV Capital.
StockX’s platform features “hundreds of brands” such as Nike Inc NKE, Adidas AG ADDYY, and Supreme owned by VF Corp VFC.
Read Next: eBay Making Moves To Protect Market Share In Sneaker Industry
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