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Stock Markets January 26, 2026

Once Upon a Farm Seeks Up to $764.4 Million Valuation in U.S. IPO

Berkeley-based organic children’s food maker files to list on NYSE as it offers roughly 11 million shares

By Derek Hwang
Once Upon a Farm Seeks Up to $764.4 Million Valuation in U.S. IPO

Once Upon a Farm, the organic children’s food company co-founded by actor Jennifer Garner, filed to go public in the U.S., targeting a valuation of up to $764.4 million and seeking to raise nearly $209 million by offering about 11 million shares at $17 to $19 apiece. The company will list on the New York Stock Exchange under the symbol OFRM and has engaged major banks to lead the offering.

Key Points

  • Once Upon a Farm seeks a valuation up to $764.4 million and plans to raise nearly $209 million through an offering of about 11 million shares priced between $17 and $19 each.
  • The offering splits into 7.6 million new shares from the company and 3.4 million shares sold by existing shareholders; the company will not receive proceeds from the shares sold by existing holders.
  • The company will list on the New York Stock Exchange under the ticker OFRM with Goldman Sachs and J.P. Morgan as joint lead bookrunners; multiple additional underwriters are named.

Once Upon a Farm, the Berkeley, California-based maker of organic children’s food co-founded by actor Jennifer Garner, has disclosed plans for a U.S. initial public offering that would value the company at as much as $764.4 million.

Under the planned transaction, the company and certain existing shareholders intend to raise almost $209 million by selling approximately 11 million shares. The price range for the shares has been set between $17 and $19 each.

Of the roughly 11 million shares included in the offering, Once Upon a Farm will place 7.6 million shares into the market, while existing shareholders will offer 3.4 million shares. The company will not receive proceeds from the portion sold by those existing stockholders.

Once Upon a Farm is aiming to have its stock listed on the New York Stock Exchange under the ticker symbol "OFRM." The firm originally planned a public listing in 2025, but that timetable was pushed back after last year’s U.S. government shutdown, the longest on record, temporarily pausing operations at the Securities and Exchange Commission and delaying the listing.

Goldman Sachs and J.P. Morgan have been appointed as joint lead bookrunning managers for the offering. Additional underwriters named in the filing include Barclays, Deutsche Bank Securities, Drexel Hamilton, Evercore ISI, Oppenheimer & Co., TD Cowen, and Siebert Williams Shank.

The company’s financial history shows continued losses in recent periods. For the years ended December 31, 2023 and December 31, 2024, Once Upon a Farm reported net losses of $17.6 million and $23.8 million, respectively. For the nine-month reporting periods, the company recorded a net loss of $11.6 million for the period ended September 30, 2024, and a net loss of $39.8 million for the period ended September 30, 2025.

What this filing includes

  • Target valuation: up to $764.4 million.
  • Planned proceeds: nearly $209 million from about 11 million shares priced at $17 to $19 each.
  • Share allocation: 7.6 million shares from the company and 3.4 million shares sold by existing shareholders; the company will not receive proceeds from the latter portion.
  • Intended listing: New York Stock Exchange, ticker symbol OFRM.
  • Lead managers: Goldman Sachs and J.P. Morgan; other underwriters include Barclays, Deutsche Bank Securities, Drexel Hamilton, Evercore ISI, Oppenheimer & Co., TD Cowen, and Siebert Williams Shank.

Financial snapshot

The filings show the company has reported ongoing net losses in both full-year and year-to-date periods: $17.6 million in net loss for the year ended December 31, 2023; $23.8 million for the year ended December 31, 2024; $11.6 million for the nine months ended September 30, 2024; and $39.8 million for the nine months ended September 30, 2025.

Next steps

Once Upon a Farm’s listing timetable will depend on market conditions and the finalization of the pricing range. The company’s registration and the participation of a mix of institutional underwriters set the framework for the next stage of the proposed public offering.

Risks

  • The company has recorded consistent net losses in recent reporting periods, including yearly losses of $17.6 million (2023) and $23.8 million (2024), and nine-month losses of $11.6 million (ended Sept. 30, 2024) and $39.8 million (ended Sept. 30, 2025) - this affects investor returns and the consumer packaged goods sector.
  • Timing for the IPO was delayed by the longest-ever U.S. government shutdown, which halted SEC operations, illustrating regulatory and administrative risks tied to listing schedules and capital markets.
  • A portion of the offering is being sold by existing shareholders and the company will not receive proceeds from that 3.4 million-share portion, which could limit the direct capital benefit to the company from the transaction - relevant to corporate finance and capital structure considerations.

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