It was valued at $ 1.92 billion on the Nasdaq debut of Honest Co, Jessica Alba’s consumer goods company.
The company’s stock opened at $ 21.22 per share against the offer price of $ 16 per share.
On Tuesday, Honest offered approximately 25.8 million shares of $ 25 each, above the midpoint of the $ 14- $ 17 range it had previously marketed.
The initial public offering raised $ 412.8 million, of which a quarter would go to the company.
Los Angeles-based Honest’s offerings include eco-friendly baby products, vitamins, sunscreen lotions and sanitizers, sold online and through partnerships with brick-and-mortar stores including Costco and Target.
The company started in the market amid a rapid market for IPOs and increased investor interest in permanent companies.
According to media reports, Impossible Foods, a company making plant-based burgers, was reported in April.
Co-founded in 2011 by Alba, known for his roles in “Fantastic Four” and the TV series “Dark Angel”, Honest is supported by Lightspeed, Fidelity and General Catalyst among others.
The company reported a 28 percent increase in revenue to $ 300 million last year, as the COVID-19 epidemic boosted sales of its cleaning products. Its deficit increased to $ 14.5 million from $ 31.1 million a year earlier.
Morgan Stanley, JP Morgan and Jefferies are the key underwriters for the company’s offering.
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