Once Upon a Farm PBC, the organic childrens snacks company co-founded by actress Jennifer Garner, has set the price for its initial public offering at $18 per share, according to people briefed on the matter.
The company, headquartered in Berkeley, California, and certain existing investors placed nearly 11 million shares at that price point. The share sale took place within the range the firm had previously disclosed - $17 to $19 per share - as indicated in filings submitted to the U.S. Securities and Exchange Commission.
At $18 a share, the companys market capitalization would exceed $720 million, based on the number of outstanding shares reported in those filings. The sources behind the pricing noted that discussions about the offering remain active and that some specifics could yet be adjusted.
Company origins and leadership
Once Upon a Farm was launched in 2015 by co-founders Cassandra Curtis and Ari Raz, who developed recipes emphasizing organic ingredients and "real food" formulations for young children. Actress Jennifer Garner and former Annies Chief Executive Officer John Foraker joined the venture in 2017, taking on prominent roles with the brand.
The company first filed paperwork to pursue a public listing in September. Those initial plans were delayed amid what the filing described as the longest U.S. government shutdown on record, which pushed back the timetable for the offering.
Recent financial performance
Regulatory disclosures for the nine months ended September 30 show that the company reported a net loss of $39.8 million on revenue of $176.7 million. That compares with a net loss of $11.6 million on revenue of $107.6 million for the same period in 2024. Gross margin for the first nine months of 2025 was 40%, down from 42% in the year-ago period, according to the filings.
These figures indicate higher absolute losses alongside increased revenue, and a modest compression in gross margin year over year for the comparable nine-month stretches reported in the filings.
What remains unsettled
While the $18 price establishes a valuation benchmark, the people familiar with the offering emphasized that implementation details were still under discussion and could change before the transaction is finalized. The filings with the SEC provide the formal record of shares offered and the financial results cited above.
The pricing and disclosures will be closely watched by investors focused on the consumer packaged goods and food sectors, particularly those who follow organic and childrens food categories.