Honest Co. (HNST) - Get The Honest Company Inc. Report, the personal-care brand co-founded by the star actress Jessica Alba, plans an initial public offering of as much as $439 million, an SEC filing says.
The IPO is set to consist of 25.9 million shares -- 6.5 million from the company and 19.4 million from its investors.
The investors include private-equity firm L Catterton and the venture-capital firms Institutional Venture Partners, Lightspeed Venture Partners and General Catalyst.
The share price has an estimated range of $14 to $17.
At $17 a share, Honest would be valued at $1.54 billion, based on the shares outstanding listed in the filing, Bloomberg reports. Adding employee stock options and restricted stock units produces a valuation of $1.85 billion.
Honest reported a net loss of $14.5 million for last year, narrowed from $31 million in 2019. Revenue jumped 28% to $301 million in 2020 from $236 million in 2019.
The company plans to begin trading next week on the Nasdaq Global Select Market with the ticker HNST.
Honest Co. launched in 2012. It's led by Chief Executive Nick Vlahos, 53, who before joining Honest was executive vice president and chief operating officer for household, lifestyle and core global functions at Clorox. (CLX) - Get Clorox Company (The) Report
As for Alba, 39, she is chairwoman and chief creative officer at Honest. She holds 5.65 million shares and doesn’t intend to sell any of them in the IPO.
“I suffered from chronic illnesses, severe asthma and allergies, leading to long, lonely weeks in the hospital,” she said in the filing.
“There were no lasting solutions for my health issues and by the time I was 10, I became aware of how wellness can define your whole life. That’s never left me.”
In other IPO news, KnowBe4 KNBE on Thursday became the first cybersecurity company to go public in 2021, raising more than $150 million.