Honest Company Inc, the consumer goods company founded by actress Jessica Alba, priced its initial public offering (IPO) on Tuesday slightly above the midpoint of its indicated range, raising $412.8 million, a person familiar with the matter said.
Honest sold 25.8 million shares at $16 each, the source said, requesting anonymity ahead of an official announcement. The company had previously indicated shares could be sold in the IPO at $14-17 apiece.
The IPO values Honest at $1.44 billion.
Honest did not immediately respond to a request for comment.
Previously Reuters reported that the company said it was planning to use the proceeds from the offering to fund marketing and direct-to-consumer advertising, as well as launch new products and buy complementary businesses.