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COSTCO WHOLESALE CORPORATION

(COST)
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Jessica Alba-backed Honest Company IPO raises $412.8 million

05/04/2021 | 10:27pm EDT
Actor Alba poses at the Fifth Annual InStyle Awards at Getty Center in Los Angeles

(Reuters) - Honest Company Inc, the consumer goods company founded by actress Jessica Alba, said it priced its initial public offering (IPO) on Tuesday slightly above the midpoint of its indicated range, raising $412.8 million.

The company said late Tuesday that it sold 25.8 million shares at $16 each. Honest had previously indicated shares could be sold in the IPO at $14-$17 apiece.

The IPO values Honest at $1.44 billion.

Honest, which counts the likes of Lightspeed, Fidelity and General Catalyst among its backers, sells products including diapers, nursing pillows, vitamins and non-toxic household products. These are sold on Honest.com and through partnerships with brick-and-mortar stores including Costco and Target.

Alba, known for her roles in film "Fantastic Four" and TV series "Dark Angel", in 2011 co-founded Honest, which touts its baby products as a safer alternative to those that use synthetic chemicals, and remains a shareholder.

But the company came under scrutiny in 2016, when a lawsuit said its products contained a harsh chemical it had pledged to avoid.

Honest then reached a $7.35 million settlement for wrongly labeling ingredients in some products as natural, plant-based or chemical free.

The Los Angeles-based company plans to list its shares on the Nasdaq under the symbol "HNST" on Wednesday.

Honest is offering 6.5 million shares of common stock. Stockholders named in the prospectus are offering 19.4 million shares of common stock.

Morgan Stanley, Jefferies and J.P. Morgan are among the lead underwriters for the offering.

(Reporting by Echo Wang, additional reporting by Aakriti Bhalla in Bengaluru; Editing by Greg Roumeliotis, Cynthia Osterman and Sherry Jacob-Phillips)

By Echo Wang


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
COSTCO WHOLESALE CORPORATION -0.73% 378.595 Delayed Quote.1.25%
MORGAN STANLEY -1.49% 85.16 Delayed Quote.27.97%
NASDAQ COMP. 0.11% 13417.307342 Delayed Quote.3.98%
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Financials (USD)
Sales 2021 188 B - -
Net income 2021 4 544 M - -
Net cash 2021 3 031 M - -
P/E ratio 2021 36,9x
Yield 2021 1,28%
Capitalization 169 B 169 B -
EV / Sales 2021 0,88x
EV / Sales 2022 0,82x
Nbr of Employees 214 500
Free-Float 99,9%
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Technical analysis trends COSTCO WHOLESALE CORPORATION
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 34
Average target price 384,86 $
Last Close Price 381,48 $
Spread / Highest target 14,6%
Spread / Average Target 0,89%
Spread / Lowest Target -38,4%
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Managers and Directors
NameTitle
Walter Craig Jelinek President, Chief Executive Officer & Director
Richard A. Galanti Chief Financial Officer, Director & Executive VP
Hamilton Evans James Non-Executive Chairman
Paul G. Moulton Chief Information Officer & Executive VP
James Patrick Murphy Chief Operating Officer-International & EVP
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