Full Breakdown
Once Upon a Farm Targets $209 Million IPO
1/26/2026, 8:09:01 PM
Overview of the IPO
Once Upon a Farm PBC, an organic children's snacks company co-founded by actress Jennifer Garner, is aiming to raise up to $209 million in an initial public offering (IPO). The Berkeley, California-based company plans to offer approximately 11 million shares priced between $17 and $19 each, as detailed in a filing with the U.S. Securities and Exchange Commission. If successful, this IPO could value the company at approximately $764.4 million based on outstanding shares. The IPO is expected to price after market close on February 5, 2026.
Company Background
Founded in 2015 by Cassandra Curtis and Ari Raz, Once Upon a Farm specializes in organic, refrigerated food products for children, including cold-pressed pouches, oat bars, and frozen meals. Jennifer Garner joined the company in 2017, along with former Annie’s CEO John Foraker. The company has seen significant growth, reporting $176.7 million in revenue for the nine months ending September 30, 2025, although it also recorded a net loss of $39.8 million during that period.
Financial Performance and Market Position
Once Upon a Farm's products are available in over 2,800 retail locations, including major chains like Walmart, Target, and Kroger, as well as online platforms such as Amazon's Whole Foods. The company reported a gross margin of 40% for the first nine months of 2025, a slight decline from 42% in the previous year. In 2022, it raised $52 million in funding, led by CAVU Venture Partners, and achieved $100 million in retail sales.
Strategic Considerations
The company has indicated that proceeds from the IPO will be allocated towards debt repayment, equipment purchases, and compensation related to a spokesperson agreement. Additionally, Once Upon a Farm has expressed concerns in its prospectus regarding potential tariffs affecting its supply chain, particularly for ingredients sourced from Mexico and South America.
Criticism and Market Outlook
Despite the optimism surrounding consumer-related IPOs, the market for such listings has been challenging. Recent consumer-facing IPOs have seen mixed results, with some companies experiencing significant gains while others have struggled. Analysts are cautiously optimistic about Once Upon a Farm's prospects, given the anticipated rebound in IPO activity for retailers and consumer goods in 2026.
Official Statements & Responses
Jennifer Garner, who serves as co-founder and board member, has been compensated with $1 million and stock options as part of her agreement with the company. She is set to receive additional payments of $2 million in 2026 and 2027, and $3 million in 2028, along with a cash bonus tied to the IPO price.
Verbatim Quotes
- “The organic food company offers a range of products targeted at children of all ages, from ?cold-pressed pouches to frozen meals and oat bars.” — Reuters
- “It is expected to price during the week of February 2, 2026.” — Renaissance Capital
This upcoming IPO marks a significant milestone for Once Upon a Farm as it seeks to expand its market presence and capitalize on the growing demand for organic children's food products.
