Once Upon a Farm PBC, the organic snacks company co-founded by actress Jennifer Garner, made a significant impact during its trading debut on Friday, with shares surging 17% after the company and its investors raised $197.9 million in an initial public offering (IPO). The stock closed at $21.05 per share on the New York Stock Exchange, surpassing its IPO price of $18, and saw a peak rise of 22% earlier in the trading session, briefly hitting $22. This closing price brings the company’s market value to $847 million based on outstanding shares.
Based in Berkeley, California, Once Upon a Farm sold approximately 7.6 million shares, alongside about 3.4 million shares offered by selling holders. The pricing fell in the middle of the anticipated range of $17 to $19, and reports indicate that the offering was over 12 times oversubscribed.
The company specializes in premium organic food products tailored for children, including no-sugar-added fruit and vegetable purees in pouches, along with bars, frozen meals, and smoothie packets. Once Upon a Farm’s inception dates back to 2015, when co-founders Cassandra Curtis and Ari Raz began crafting organic recipes. Garner joined their efforts in 2017, collaborating with former Annie’s CEO John Foraker.
In addition to her role on the company’s board, Garner is compensated as co-founder and has been actively involved in investor relations and marketing strategies. The filing details that Garner has received $1 million in compensation and stock options from a deal made in 2022. Looking ahead, she is scheduled to receive further payments amounting to $2 million in 2026 and 2027, and $3 million in 2028, as well as a cash bonus linked to the IPO price.
Garner emphasized her commitment to the business, stating, “I work to build meaningful relationships with our retail partners. They have no problem reaching straight out to me and I love that.” She views herself as an integral part of the sales and marketing teams and maintains close ties with growers.
The company initially filed for the IPO in September, but its launch was delayed due to the longest U.S. government shutdown on record, which impacted investor confidence. Foraker stated in November that the IPO had to be postponed until 2026 as a direct consequence of the shutdown.
Financially, Once Upon a Farm reported a net loss of $39.8 million on $176.7 million in revenue for the nine months ending September 30, contrasting with a $11.6 million loss on $107.6 million in revenue in the same timeframe the previous year. The gross margin for the first nine months of 2025 was 40%, down from 42% in 2024. The company’s pouches represent the bulk of its net sales, and its products are now available in over 2,800 stores, including Walmart, Target, Whole Foods, and Kroger.
The IPO proceeds are intended for various purposes, including debt repayment, the acquisition of new equipment, and cash payments related to spokesperson agreements. In a previous funding round in 2022, the company raised $52 million, led by CAVU Venture Partners and backed by other investors including Cambridge, Beechwood, and S2G Ventures. Notably, Once Upon a Farm reached $100 million in retail sales in 2022.
In recent years, the performance of consumer-facing companies during their IPOs has been mixed, with significant fluctuations in market value. Following recent IPOs, firms like Cava Group Inc. and Amer Sports Inc. have experienced remarkable gains, while others such as Webtoon Entertainment Inc. have faced challenges.
CAVU Venture Partners is expected to hold the largest stake in Once Upon a Farm post-IPO, representing 27.5%, followed by S2G Investments with 14% and Cambridge Companies SPG at 9.3%. The IPO was orchestrated by leading financial institutions, including Goldman Sachs Group, JPMorgan Chase, Bank of America, and William Blair. The company’s shares will trade under the ticker symbol OFRM.
