Feb 5 - Once Upon a Farm, the children’s organic food business that counts actor Jennifer Garner among its co-founders, said it raised nearly $198 million in its U.S. initial public offering on Thursday. The Berkeley, California-based company and certain investors sold about 11 million shares at $18 apiece, the midpoint of the previously disclosed $17 to $19 range.
The transaction placed an implied valuation near $724.2 million, calculated from the shares outstanding shown in the company’s prospectus. Underwriters priced the sale to reflect investor demand while leaving the company with fresh capital as it continues to market products aimed at infants and children.
Once Upon a Farm was founded in 2015 by Cassandra Curtis and Ari Raz; Jennifer Garner and John Foraker, the former CEO of the food brand Annie’s, joined as co-founders two years later. The company’s product slate includes cold-pressed pouches, frozen meals and oat bars targeted to children across age groups, emphasizing organic ingredients and transparency around nutrition.
Goldman Sachs and J.P. Morgan served as the joint lead book-running managers on the offering. Once Upon a Farm is set to begin trading on the New York Stock Exchange under the ticker symbol "OFRM."
Market backdrop
Market commentary included in the company’s materials and wider reporting noted that pent-up demand and a queue of well-known companies planning listings in 2026 are contributing to expectations that the IPO market may strengthen after a prolonged slowdown that began to ease in the second half of 2025.
Supply-chain considerations
In its prospectus, Once Upon a Farm warned that trade barriers in Mexico and South America - regions that supply a meaningful portion of the company’s fruit and vegetable ingredients - could create shortages and push input costs higher. That disclosure highlights the operational exposure typical for food companies with cross-border sourcing and points to potential volatility in ingredient availability and cost.
Analysts have cautioned that, even as IPO activity picks up, trade tensions could remain a constraint for consumer-facing firms with international supply chains.
Outlook
The company’s public listing provides capital that can support growth initiatives and operations, while also subjecting the business to public-market scrutiny of supply-chain resilience and margin pressures tied to sourcing. Investors will watch early trading under the OFRM ticker for market reception and any indications of demand for organic, child-focused food brands.