By Echo Wang
(Reuters) -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 stated range, rising 412, $ 8 million, said a person familiar with the matter.
Honest sold 25.8 million shares at $ 16 each, the source said, requesting anonymity before an official announcement. The company previously said the shares could be sold on the IPO at $ 14- $ 17 each.
The IPO values Honest at $ 1.44 billion.
Honest did not immediately respond to a request for comment.
Honest, which has Lightspeed, Fidelity and General Catalyst among its supporters, sells products such as diapers, nursing pillows, vitamins and non-toxic household products. These are sold on Honest.com and through partnerships with physical stores, including Costco and Target.
Alba, known for her roles in the film “Fantastic Four” and the television series “Dark Angel”, in 2011 co-founded Honest, which touts its baby products as a safer alternative to those who use synthetic chemicals, and remains shareholder.
But the company came under intense scrutiny in 2016, when a lawsuit said its products contained a harsh chemical it vowed to avoid.
Honest then entered into a $ 7.35 million settlement to falsely label ingredients in certain products as natural, herbal, or chemical-free.
The Los Angeles-based company plans to list its shares on Nasdaq under the symbol “HNST” on Wednesday.
Morgan Stanley, Jefferies and JP Morgan are among the main subscribers of the offer.
(Reporting by Echo Wang; Editing by Greg Roumeliotis and Cynthia Osterman)