Shares of the Los Angeles company at last check were off 6.6% at $15.58.
Alba, who co-founded the direct-to-consumer brand in 2011 and now serves as chief creative officer, said in a regulatory filing that "we were raising the bar for the entire marketplace and becoming a David to the many Goliaths out there along the way."
The company said in the filing that its three categories -- diapers and wipes, skin and personal care and household and wellness -- represented 63%, 26% and 11% of 2020 revenue, respectively.
Some Wall Street observers were skeptical of the company's pricing.
David Trainer, chief executive of investment-research firm New Constructs, said the IPO was "honestly overvalued" and that the stock was worth no more than $7 a share.
["And] we think the chances of that happening are very low because the incumbent consumer companies that compete with [Honest Co.] already own all the shelf space and dominate the industry."
TheStreet.com Founder Jim Cramer said during the "Know Your IPO" segment of "Mad Money" that while he's a big fan of the company, "the stock leaves a lot to be desired."
Cramer said timing and valuation are keeping him from recommending the stock. He said consumer packaged goods are bought during slowdowns and recessions, not when the economy is booming.
He also said there's simply nothing special about the company to warrant such a rich valuation.