Jessica Alba’s Beauty Company Honest Co. Surges In Nasdaq Debut
Jessica Alba, co-founder and chief creative officer of Honest Co., and Nick Vlahos, chief executive officer of Honest Co., rang the opening bell during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York on Wednesday.
Shares of Alba’s eco-friendly beauty business, the Honest Co., priced its initial public offering at $16, within its marketed range. The company surged 44% in its trading debut on the Nasdaq. The company now has a market value of about $2.1 billion.
“We’re a mission driven brand. We are at the forefront of this kind of clean movement as it pertains to how consumers are looking at products from an ingredient perspective, around sustainability, around social responsibility,” Vlahos told Yahoo Finance Live.
Alba didn’t plan to sell her shares in the offering, according to a filing with the U.S. Securities and Exchange Commission.
Alba founded the company a decade ago as a direct-to-consumer brand built on a commitment to healthy products, free of harmful toxins and chemicals. She has since stepped down as chair of the board. She remains the director of the board and the company’s chief creative officer.