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Shares of closed on first day of trading Wednesday on the Nasdaq at $23 per share, up 43.75 percent, or $7 from the expected open of $16 per share. More than 14 million shares changed hands Wednesday, .

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The company was expected to raise $412.8 million in its initial public offering of 25.8 million shares priced at $16 per share. The Santa Monica-based company is now , according to .

The personal-care products brand was co-founded by actress in 2011 to create eco-friendly products for babies, and has since expanded into products for women and home, such as cosmetics and cleaning supplies.

Honest reported sales last year of $300.5 million, up from $235.5 million in 2019. It continued to operate at a net loss of $14.4 million in 2020, but closed the gap from a $31.1 million net loss in 2019, according to with the .

To date, Honest has in known venture-backed funding, according to Crunchbase data. Its most recent rounds were a investment led by in 2018, and a round in 2017 led by . Other prominent backers include , , , and , which led the company鈥檚 $6 million seed round back in 2011.

The company is offering around 6.45 million shares in the IPO with the rest being sold by investors, including L Catterton, IVP, Lightspeed and General Catalyst, according to filings.

Alba is the company鈥檚 chief creative officer and owns 5.65 million shares. Filings show she does not plan to offer any shares, so the closing price of $23 makes her stake worth approximately $129.9 million.

The offering is being led by , . and .

Honest shares are trading on the Nasdaq Global Select Market under the symbol HNST.

Feature photo of Nick Vlahos, CEO, and Jessica Alba, co-founder, of The Honest Company, courtesy of the company.
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