Jessica Alba-backed Honest Company IPO Raises $ 412.8 Million – fr

Jessica Alba-backed Honest Company IPO Raises $ 412.8 Million – fr

Actress and Honest Company founder Jessica Alba poses as she arrives for the 20th Annual Webby Awards in Manhattan, New York, United States on May 16, 2016. REUTERS / Mike Segar

Honest Company Inc (HNST.O), the consumer goods company founded by actress Jessica Alba, said on Tuesday it had priced its initial public offering (IPO) slightly above the midpoint of its range shown, raising $ 412.8 million.

The company said Tuesday night it had sold 25.8 million shares at $ 16 each. Honest had previously indicated that the shares could be sold on the IPO for between $ 14 and $ 17 each.

The IPO values ​​Honest at $ 1.44 billion.

Honest, which has Lightspeed, Fidelity and General Catalyst among its supporters, sells products such as diapers, nursing pillows, vitamins and non-toxic household products. These are sold on and through partnerships with physical stores, including Costco and Target.

Alba, known for her roles in the film “Fantastic Four” and the television series “Dark Angel”, in 2011 co-founded Honest, which touts its baby products as a safer alternative to those who use synthetic chemicals, and remains shareholder.

But the company came under intense scrutiny in 2016, when a lawsuit said its products contained a harsh chemical it vowed to avoid.

Honest then entered into a $ 7.35 million settlement to falsely label ingredients in certain products as natural, herbal, or chemical-free.

The Los Angeles-based company plans to list its shares on the Nasdaq under the symbol “HNST” on Wednesday.

Honest is offering 6.5 million common shares. The shareholders named in the prospectus are offering 19.4 million ordinary shares.

Morgan Stanley, Jefferies and JP Morgan are among the main subscribers of the offer.

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