Jessica Alba’s Honest jumps 44% in stock market

New York (AP)-Stocks Honest corporation, A diaper and wipe seller founded by an actress Jessica AlbaSoared 44% on Wednesday’s stock market debut, with the company’s value close to $ 2.1 billion.

Aruba was founded Honest corporation 10 years ago after using the baby’s laundry detergent that caused her allergic reaction.

In addition to detergents, the company’s first other products included diapers and wipes sold at. Honest corporationWebsite. Currently, the brand contains moisturizers, mascaras and vitamins. Most of the sales come from the website, but we also sell products in major stores such as Target and Amazon.com.

The company promotes products that use “clean” ingredients, but product issues have hit that image in the past. Honest corporation As Label said, the sunscreen paid $ 7.4 million to settle a class action lawsuit in 2015 that claimed it was ineffective and unnatural. And earlier this year, I remembered a bubble bath that could have been contaminated with the bacteria that cause the infection.

Honest corporationThe Los Angeles-based company said it sold about 26 million shares for $ 16 per share at the time of its initial public offering, raising about $ 413 million. We plan to use some of the funds to expand and sell our products outside the United States.

It was never beneficial. Last year we posted a loss of $ 14.5 million, below the $ 31 million loss we reported in 2019. Revenue in 2020 was $ 300 million, up 28% from the previous year.

The company’s share price, which trades under the “HNST” symbol on the Nasdaq, rose 7% to close at $ 23.

ArubaAppeared in “Sin City” and “Fantastic Four” movies, owns a 6.1% stake Honest corporation After the first day of trading the stock, it was worth nearly $ 130 million.

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Jessica Alba’s Honest jumps 44% in stock market

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