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Jessica Alba's The Honest Company is quietly preparing to file an initial public offering, Bloomberg reported. The personal and baby care products brand could seek a valuation of $2 billion, anonymous sources shared with Bloomberg.
The company could reportedly go public as soon as Friday. The Honest Co. did not immediately respond to a request for comment.
Alba, known for her roles in "Fantastic Four" and "Dark Angel," co-founded Honest in 2012 with former chief executive Brian Lee, chief operating officer Sean Kane and former chief product officer Christopher Gavigan. In its first year, the company reached $12 million in revenue.
The Los Angeles-based company was rumored to be preparing an IPO in 2016, and Lee, co-founder of the company, reportedly has been thinking about it since 2014. However, Honest hit some speed bumps that year when The Wall Street Journal reported the company was using an ingredient in their detergent they had "pledged to avoid." The following year, the company recalled its baby wipes and faced a class action lawsuit about its products' chemical makeup.
The Honest Co. was reportedly raising a down round in 2017, at a valuation much lower than $1 billion. Lee also stepped down as CEO, and former Clorox chief operating officer Nick Vlahos took his place as Honest turned to focus on the core products that brought their early success.
"As we continue pursuing our mission to inspire everyone to love living consciously, we regularly explore all various financial strategies and options," a representative for Honest said in a statement to Bloomberg. Bloomberg also reported that L Catterton, an investor in Honest, declined to comment.
According to PitchBook, the company has raised over $500 million in funding. Its investors also include IVP, Lightspeed Venture Partners and General Catalyst.
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