The Honest Company, Inc

ˆ20017cLhby@572MMHŠ *** Page Contains EDGAR 424 LANGUAGE *** 20017cLhby@572MMH VDI-W7-PFL-2232 PROJECT HORIZON (THE Donnelley Financial14.4.13.0 ADG flued0bn 05-May-2021 15:32 EST 27841 COV 1 39* S-1 None LOS CLN g61r61-1.0 PS PMT 1C 25,807,000 Shares COMMON STOCK This is an initial public offering of shares of common stock of The Honest Company, Inc. We are offering 6,451,613 shares of our common stock and the selling stockholders identified in this prospectus, including entities affiliated with certain of our directors, are offering an additional 19,355,387 shares of our common stock. We will not receive any proceeds from the sale of shares by the selling stockholders. Prior to this offering, there has been no public market for our common stock. The initial public offering price for our common stock is $16.00 per share. Our common stock has been approved for listing on The Nasdaq Global Select Market under the symbol “HNST.” We are an “emerging growth company” as defined under the federal securities laws and, as such, we have elected to comply with certain reduced reporting requirements for this prospectus and may elect to do so in future filings. Investing in our common stock involves risks. See the section titled “Risk Factors” beginning on page 19 to read about factors you should consider before buying our common stock. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. Per Share Total Initial public offering price ................................ $16.00 $412,912,000 Underwriting discounts and commissions(1) ................... $ 1.04 $ 26,839,280 Proceeds, before expenses, to The Honest Company, Inc. ........ $14.96 $ 96,516,130 Proceeds, before expenses, to the selling stockholders .......... $14.96 $289,556,590 (1) See the section titled “Underwriting” for additional information regarding compensation payable to the underwriters. At our request, the underwriters have reserved up to 5% of the shares of common stock offered by this prospectus for sale, at the initial public offering price, to certain individuals identified by our directors and officers. See the section titled “Underwriters—Directed Share Program” for additional information. We have granted the underwriters an option for a period of 30 days to purchase up to an additional 3,871,050 shares of common stock from the selling stockholders at the initial public offering price less the underwriting discounts and commissions. Certain funds and accounts managed by subsidiaries of BlackRock, Inc. have agreed to purchase $80 million in shares of our common stock in this offering at the initial public offering price. The underwriters will receive the same underwriting discount on any shares purchased by these investors as they will on any other shares sold to the public in this offering. The underwriters expect to deliver the shares of common stock to purchasers on May 7, 2021. Morgan Stanley J.P. Morgan Jefferies BofA Securities Citigroup William Blair Guggenheim Securities Telsey Advisory Group C.L. King & Associates Loop Capital Markets Penserra Securities LLC Ramirez & Co., Inc. Prospectus dated May 4, 2021. ˆ20017cLhbyuKGcNsCŠ 20017cLhbyuKGcNsC VDI-W7-PF3-0439 PROJECT HORIZON (THE Donnelley Financial14.4.13.0 ADG garcm0pa 05-May-2021 11:48 EST 27841 EGATE 2 9* S-1 None LOS g09g08 HTM ESS 1C Page 1 of 2 ˆ20017cLhbyuKGcNsCŠ 20017cLhbyuKGcNsC VDI-W7-PF3-0439 PROJECT HORIZON (THE Donnelley Financial14.4.13.0 ADG garcm0pa 05-May-2021 11:48 EST 27841 EGATE 2 9* S-1 None LOS g09g08 HTM ESS 1C Page 2 of 2 HONEST(R) @avawelsingk @lizzymathis @anja_akhile @binkiesandbaubles @michelleinfusino @peaceofusx ˆ20017cLhbyuKQBgsnŠ 20017cLhbyuKQBgsn VDI-W7-PF3-0439 PROJECT HORIZON (THE Donnelley Financial14.4.13.0 ADG garcm0pa 05-May-2021 11:48 EST 27841 EGATE 3 8* S-1 None LOS g53a95 HTM ESS 0C Page 1 of 2 ˆ20017cLhbyuKQBgsnŠ 20017cLhbyuKQBgsn VDI-W7-PF3-0439 PROJECT HORIZON (THE Donnelley Financial14.4.13.0 ADG garcm0pa 05-May-2021 11:48 EST 27841 EGATE 3 8* S-1 None LOS g53a95 HTM ESS 0C Page 2 of 2 "Y OU SH OULDN 'T H AVE TO CHO OSE BETWEEN WHAT WORKS AN D WHA T'S GOOD FOR YOU . /s/ Jessica Alba Jessica Alba, Founder ˆ20017cLhbyuKXjjLOŠ 20017cLhbyuKXjjLO VDI-W7-PF3-0439 PROJECT HORIZON (THE Donnelley Financial14.4.13.0 ADG garcm0pa 05-May-2021 11:48 EST 27841 EGATE 4 9* S-1 None LOS g93f74 HTM ESS 0C Page 1 of 2 ˆ20017cLhbyuKXjjLOŠ 20017cLhbyuKXjjLO VDI-W7-PF3-0439 PROJECT HORIZON (THE Donnelley Financial14.4.13.0 ADG garcm0pa 05-May-2021 11:48 EST 27841 EGATE 4 9* S-1 None LOS g93f74 HTM ESS 0C Page 2 of 2 INSP IRING EV @avielleamor @everydaypursuits @marjanslove @sellinseashells @kayandcrew @isabellarstiles ˆ20017cLhbyuKdb6L@Š 20017cLhbyuKdb6L@ VDI-W7-PF3-0439 PROJECT HORIZON (THE Donnelley Financial14.4.13.0 ADG garcm0pa 05-May-2021 11:48 EST 27841 EGATE 5 9* S-1 None LOS g93k17 HTM ESS 0C Page 1 of 2 ˆ20017cLhbyuKdb6L@Š 20017cLhbyuKdb6L@ VDI-W7-PF3-0439 PROJECT HORIZON (THE Donnelley Financial14.4.13.0 ADG garcm0pa 05-May-2021 11:48 EST 27841 EGATE 5 9* S-1 None LOS g93k17 HTM ESS 0C Page 2 of 2 EVERYON E TO LO VE LIVING @ykn_dylan @hijabioffthe grid ˆ20017cLhbyuKkSdLxŠ 20017cLhbyuKkSdLx VDI-W7-PF3-0439 PROJECT HORIZON (THE Donnelley Financial14.4.13.0 ADG garcm0pa 05-May-2021 11:48 EST 27841 EGATE 6 9* S-1 None LOS g82s80 HTM ESS 0C Page 1 of 2 ˆ20017cLhbyuKkSdLxŠ 20017cLhbyuKkSdLx VDI-W7-PF3-0439 PROJECT HORIZON (THE Donnelley Financial14.4.13.0 ADG garcm0pa 05-May-2021 11:48 EST 27841 EGATE 6 9* S-1 None LOS g82s80 HTM ESS 0C Page 2 of 2 CONSCIOUSLY @lrjleo @wholelottamomish @schannaloves_DK ˆ20017cLhbylMy$jt]Š 20017cLhbylMy$jt] ADGP64RS37 PROJECT HORIZON (THE Donnelley Financial14.4.10.0 ADG pf_rend 05-May-2021 07:43 EST 27841 ROM 1 29* S-1 None LOS CLN PS PMT 1C TABLE OF CONTENTS Prospectus Page FOUNDER LETTER .................................................................... iii PROSPECTUS SUMMARY .............................................................. 1 RISK FACTORS ........................................................................ 19 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS .......................... 67 MARKET, INDUSTRY AND OTHER DATA ................................................ 69 USE OF PROCEEDS .................................................................... 70 DIVIDEND POLICY .................................................................... 71 CAPITALIZATION ..................................................................... 72 DILUTION ............................................................................ 74 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS .................................................................... 76 BUSINESS ............................................................................ 98 MANAGEMENT ....................................................................... 124 EXECUTIVE COMPENSATION .......................................................... 135 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS ........................ 152 PRINCIPAL AND SELLING STOCKHOLDERS ............................................. 157 DESCRIPTION OF CAPITAL STOCK ...................................................... 161 SHARES ELIGIBLE FOR FUTURE SALE .................................................. 166 MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS OF OUR COMMON STOCK ................................................................... 169 UNDERWRITING ...................................................................... 173 LEGAL MATTERS ..................................................................... 186 EXPERTS ............................................................................. 186 WHERE YOU CAN FIND ADDITIONAL INFORMATION .................................... 186 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS .................................... F-1 Through and including May 29, 2021 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer’s obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription. Neither we, the selling stockholders nor any of the underwriters have authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses we have prepared. Neither we, the selling stockholders nor any of the underwriters take responsibility for, or can provide any assurance as to the reliability of, any other information that others may give you. We, the selling stockholders and the underwriters are offering to sell, and seeking offers to buy, shares of our common stock only under circumstances and in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of our common stock. Our business, financial condition, results of operations, and prospects may have changed since that date. For investors outside the United States: neither we, the selling stockholders nor any of the underwriters have done anything that would permit this offering or possession or distribution

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