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Jessica Alba's Honest Co shines in market debut

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Hollywood actress and entrepreneur Jessica Alba can add co-founder of a publicly-traded company to her social media feeds.

Honest Co, the company she co-founded in 2011, surged more than 40 percent in its Wednesday market debut - giving the eco-conscious consumer goods company a market value of roughly $2 billion.

(SOT- JESSICA ALBA)

"This is a monumental day for Honest as we officially become a public company. Now, more than ever, health and wellness have taken center stage. And looking back at 2020, I think we can all agree that in order to thrive, you need your health."

The stock jumped as high as $23.88 after pricing at the mid-point offer price of $16 a share.

The IPO raised nearly $413 million. Honest is planning to use some of the proceeds to fund an expansion beyond the eco-friendly baby products, vitamins, sunscreen and sanitizers sold online and through partnerships with traditional brick-and-mortar retailers.

Last year it saw a 28 percent surge in revenues to $300 million thanks to demand for its cleaning products, which helped it cut losses in half to just $14.5 million.

Honest's market debut comes amid an upswing in demand for new stock market listings.

The next one on the hot list: meat alternative company Impossible Foods. Sources tell Reuters the plant-based meat company is looking to go public at a $10 billion valuation.

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