Actress Jessica Alba’s husband’s name is Cash. How appropriate, because if he needs to borrow some, his wife now has $130 million extra available to her Wednesday.
Alba launched a personal-care product company called Honest Co. about a decade ago, and Wednesday the company went public. If that news alone wasn’t good enough, how about this; the stock price jumped 44% on its first day of trading.
Alba has earned the right to take a little break. Maybe even finance a pet project of a movie she’s always wanted to make and have some fun.
Nope, she told Bloomberg, there’s much more work to do. “I have three kids, I would say Honest is my fourth kid. You should have products that you can trust and across the board we hit on all of those things that are very important to not just the millennials, but the younger generation that are driving really the consumer’s behavior to a more conscious life.”
The stock price opened at $16 and by the end of trading Wednesday it had ballooned up to $23.
The company is valued at a very healthy $2.5 billion.
There were SPAC’s that were interested in the IPO, but Honest went old school, doing it the traditional way.
Alba is no longer the board chair, but she keeps the role of chief creative officer.