Jessica Alba's Honest Co files for IPO
(Reuters) -Honest Co, a consumer goods company founded by actress Jessica Alba, filed for a U.S. initial public offering on Friday following a strong year that was driven by a pandemic-driven surge in demand for baby products, lotions and sanitizers.
Honest, which plans to list its shares on the Nasdaq under the symbol “HNST”, said its revenue jumped about 28% to $300 million for the year ended Dec. 31.
The Los Angeles-based company said bit.ly/3t6QCgu it was planning to use the proceeds from the offering to fund its marketing and direct-to-consumer advertising investments, launch new products and buy complementary businesses.
Alba started Honest in 2011, touting its baby products as a safer alternative to those that use synthetic chemicals, but the company came under the scanner in 2016 following a lawsuit, which claimed it fraudulently labeled dozens of home and personal care products as natural, plant-based or chemical-free. reut.rs/2PTJSUC
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