The Honest Co., a baby and beauty products company co-founded by actress Jessica Alba, is preparing to go public, according to people familiar with the matter.

The Los Angeles-based company backed by L Catterton is preparing to file confidentially for an initial public offering with the US Securities and Exchange Commission as soon as Friday, said the people, who asked to not be identified because the matter isn’t public.

It could seek a valuation of about $2 billion in an IPO, one of the people said. It had been exploring a sale earlier that could value it at about $1 billion, the people said.

“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.

A representative for L Catterton declined to comment.

Launched in 2012, Honest sells diapers, moisturiser, shampoo and other products online at honest.com and at more than 32,000 retail locations, according to its website. The company has raised more than $500 million in funding from backers including L Catterton, IVP, Lightspeed Venture Partners and General Catalyst, according to PitchBook Data.

Alba rose to prominence in the 2000s starring in the television show Dark Angel as well as films including Sin City and Fantastic Four.

By Crystal Tse and Katie Roof.