No Vacancy Inn’s latest New Balance collaboration — a neutrally-toned 650 — was sold exclusively via StockX IPO. The IPO (or Initial Product Offering) functions as a blind auction, where a set number of sneakers are bid on anonymously by StockX users.

The final sale price is determined by a “clearing price.” If there are 10 pairs of a specific size available, the 10th highest bid (or the lowest of the 10 winning bids) becomes the clearing price and all “winners” pay that much for the sneaker (meaning most winning bids pay less than they were ready to spend).

In this case, there were 400 pairs of the collaborative 650 available on StockX and the average clearing price was $415. StockX has shared detailed information on the blind bids in a blog post, which revealed that an anonymous user actually bid $50,800 for a pair of the sneakers. Due to the blind auction style of the IPO, those that bid over the clearing price only had to pay an average of $415.

This means that the $50,000 bid was likely an attempt to secure a pair of the shoes at all costs, and not that the bidder thought the sneakers would be worth that much.

StockX also revealed that there were a total of nearly 14,000 bids and that several dozen bids exceeded $1,000. It was also the highest number of bids of any StockX IPO to date.

For more insights into the IPO process and the data behind he bids, head to StockX’s blog post here.

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