Honest Company Inc, the consumer goods company founded by actress Jessica Alba, priced its initial public offering (IPO) on Tuesday slightly above the midpoint of its indicated range, raising $412.8 million, a person familiar with the matter said.

Honest sold 25.8 million shares at $16 each, the source said, requesting anonymity ahead of an official announcement. The company had previously indicated shares could be sold in the IPO at $14-17 apiece.

The IPO values Honest at $1.44 billion.

Honest did not immediately respond to a request for comment.

Previously Reuters reported that the company said it was planning to use the proceeds from the offering to fund marketing and direct-to-consumer advertising, as well as launch new products and buy complementary businesses.

Source Link:
https://www.foxbusiness.com/markets/jessica-alba-backed-honest-company-ipo-raises-412-8-million

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