By Bailey Lipschultz and Janet Freund, Bloomberg
Once Upon a Farm PBC, the organic kids snacks maker co-founded by actress Jennifer Garner, and some of its investors raised $197.9 million in an initial public offering that priced at the midpoint of its marketed range.
The Berkeley, California-based company and the selling shareholders sold shares for $18 each, according to a statement Thursday confirming an earlier Bloomberg News report. The company sold about 7.6 million shares and the selling holders priced around 3.4 million shares.
At the IPO price, Once Upon a Farm has a market value of about $724 million, based on the number of shares outstanding listed in its filings with the US Securities and Exchange Commission.
The offering was marketed at $17 to $19 per share. It was double-digits oversusbcribed, people familiar with the matter said earlier.
The company makes premium-priced products, including kid-friendly pouches of no-sugar-added, organic, refrigerated fruit and vegetable puree, as well as bars, frozen meals and smoothie packets.
The firm traces its roots to 2015 when co-founders Cassandra Curtis and Ari Raz created recipes that focused on organic and real food, according to the filing. Garner and former Annie’s Chief Executive Officer John Foraker joined in 2017.
Once Upon a Farm filed for the IPO in September, ahead of what became the longest-ever US government shutdown. Foraker decided to postpone the kids food maker’s listing until 2026, according to a LinkedIn post in November, citing the shutdown as having “got in the way.”
Once Upon a Farm had a net loss of $39.8 million on revenue of $176.7 million for the nine months ended Sept. 30, compared with a net loss of $11.6 million on revenue of $107.6 million in the corresponding period in 2024, its filing shows. Gross margin for the first nine months of 2025 was 40%, down from 42% in the year ago period.
Its pouches have accounted for the majority of net sales, the filing shows. Coolers stocked with the company’s products are in over 2,800 brick-and-mortar stores including Walmart Inc., Target Corp., Amazon.com Inc.’s Whole Foods and Kroger Co.
Proceeds from the IPO are earmarked for purposes including helping repay debt, purchasing new equipment, and cash payment in connection with a spokesperson agreement.
Separately from Garner’s role on the company’s board, she also receives compensation for her role as co-founder and “Farmer Jen,” the filing shows. The actress has already been paid $1 million and stock options as part of a deal agreed in 2022. Garner is set to receive $2 million on Jan. 31, 2026, $2 million on Jan. 31, 2027, and $3 million on Jan. 31, 2028. She is also eligible to receive a cash bonus that is tied to the IPO price.
Once Upon a Farm raised $52 million in a funding round in 2022 led by CAVU Venture Partners, along with existing investors Cambridge, Beechwood and S2G Ventures, as S2G Investments was known at the time. The company reached $100 million in retail sales that year, the website shows.
Debuts for consumer-facing companies have been modest in recent years. Listings in the sector on US exchanges raised $17.4 billion in 2021, but volume in aggregate since then has only added up to about $15.6 billion, data compiled by Bloomberg show. Shares of Cava Group Inc. and Amer Sports Inc. have delivered big gains since their IPOs while Webtoon Entertainment Inc. and Chagee Holdings Ltd. have stumbled.
CAVU Venture Partners was expected to have the largest stake in the company after the IPO with 27.5%, followed by S2G Investments with 14%, and Cambridge Companies SPG with 9.3%, according to the filing.
The IPO is being led by Goldman Sachs Group Inc., JPMorgan Chase & Co., Bank of America Corp., and William Blair & Co. The company is expected to trade Friday on the New York Stock Exchange under the symbol OFRM.
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