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StockX Is Using A Dutch Auction To Sell Ben Baller Slides In Its Latest Product IPO

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StockX Is Using A Dutch Auction To Sell Ben Baller Slides In Its Latest Product IPO

Calling all fans of Ben Baller and slide sandals: Get your bids ready.

StockX, the Detroit-based “Stock Market Of Things,” announced a new IPO Tuesday, their latest offering of a limited-edition consumer product.

This time, StockX has teamed up with cultural figure and entrepreneur Ben Baller to release 800 “Ben Baller Did the Chain” slides, which are available exclusively on StockX. Unlike previous StockX IPOs, this offering unique in that it’s being done through a blind Dutch Auction.

“This is the largest IPO at scale that we’ve done to date, and the pricing mechanism that we are using is the first of its kind,” said Josh Luber, co-founder, and CEO of StockX. “It doesn’t work for every product and every brand and every industry, but it makes sense for some products to be priced and released this way - not using an MSRP or retail price but using the concept of true market value.”

StockX said they've been wanting to test out a blind Dutch Auction for some time, with this being the first use case.

The auction begins Jan. 22 and runs through Jan 24. Here’s how it will work:

  • StockX customers select the size and color of the Ben Baller slide they would like to bid on
  • Bids for both price and quantity must be entered anonymously on the platform from Jan. 22-24
  • Once the auction concludes, StockX will select the top bids that match the quantity that is in stock. Those top Bids will all be charged what’s called the “clearing” price, meaning the last high bid for the last remaining pair in that size and color (i.e. If there are only 50 slides in red size 10, everyone in the top 50 will pay whatever the 50th highest bid is).
  • Winners will be notified on Friday, January 25th.
  • This IPO is limited to customers in the U..S, UK, Germany, France, Italy, and Spain

Users awarded slides at the end of the auction will be able to immediately buy and sell them on StockX.

Product Details

The slides were made in partnership with Ben Baller and Straye Footwear, a new footwear brand from the founder of Supra. They’re available in red and black colorways with white lettering, from sizes 5-13. Each pair of slides will also include a commemorative, novelty authentication chain included in the packaging to verify the slides’ authenticity from Baller and StockX.

Watch the video below announcing the IPO.

 

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