Celebrity shareholder Jennifer Garner blesses organic children's snack maker Once Upon a Farm (OFRM.US), and the company plans to raise $209 million in US IPO.

Organic children's snack manufacturer Once Upon a Farm, co-founded by actress Jennifer Garner, plans to raise up to $209 million through its initial public offering (IPO) alongside its shareholders. Once Upon a Farm enters the children's food market with a celebrity halo and a high-end organic positioning, experiencing rapid revenue growth but increasing losses at the same time. This IPO, after being delayed due to the U.S. government shutdown, will test investor recognition of the profitability prospects of consumer brands tied deeply with celebrities. According to documents submitted to the U.S. Securities and Exchange Commission on Monday, the California-based company and its selling shareholders plan to issue nearly 11 million shares at a price range of $17 to $19 per share. The company will issue 7.63 million shares, while the selling shareholders will issue approximately 3.365 million shares. At the upper end of the price range, Once Upon a Farm's market value will reach $764.4 million based on the disclosed number of outstanding shares. According to a management presentation, the company's IPO is expected to be priced after the U.S. market closes on February 5th. The company produces high-end products, including organic refrigerated pouches of fruit and vegetable puree with no added sugars suitable for children, as well as snack bars, frozen meals, and smoothie packs. The company's origins can be traced back to 2015 when co-founders Cassandra Curtis and Ari Raz focused on developing recipes using organic, real ingredients. Garner and former Annie's CEO John Foraker joined in 2017. The company submitted its IPO application in September last year but was faced with the longest government shutdown in U.S. history. Foraker posted on LinkedIn in November last year stating that the listing of this children's food manufacturer would be postponed until 2026, citing the government shutdown as hindering the process. According to the documents, for the nine months ending September 30, Once Upon a Farm had revenues of $176.7 million and a net loss of $39.8 million; compared to $107.6 million in revenues and a net loss of $11.6 million for the same period in 2024. The gross profit margin for the first nine months of 2025 was 40%, lower than the 42% for the same period the year before. The document shows that most of the net sales come from the pouch products. The company's products are available in over 2,800 physical stores, including Walmart Inc., Target Corporation, Amazon.com's Whole Foods, and Kroger Co. The funds raised from this IPO will be used for debt repayment, purchasing new equipment, and cash payments related to an endorsement agreement. In addition to serving on the board, Garner, as a co-founder and the role of "Farmer Jen," has received compensation. According to an agreement reached in 2022, this actress has already received $1 million in cash and stock options. She will also receive $2 million, $2 million, and $3 million respectively on January 31, 2026, 2027, and 2028. In addition, she is eligible to receive cash bonuses tied to the IPO stock price. In 2022, Once Upon a Farm raised $52 million in a round of financing led by CAVU Venture Partners, with existing investors Cambridge, Beechwood, and S2G Ventures (then known as S2G Investments) participating. The company's website shows that its retail sales reached $100 million that year. Consumer-facing companies' IPO performance in recent years has been relatively muted. Data shows that these companies raised $17.4 billion on U.S. exchanges in 2021, but the total fundraising since then is only about $15.6 billion. Since their IPOs, Cava Group and Athlete Sports have seen significant stock price increases, while Webtoon Entertainment has underperformed. After this issuance, CAVU Venture Partners is expected to become the company's largest shareholder with a 27.5% stake, while S2G Investments and Cambridge Companies SPG will hold 14% and 9.3% respectively. Goldman Sachs Group, Inc., JPMorgan, Bank of America Corp, and William Blair are leading this IPO. The company is expected to be listed on the New York Stock Exchange under the ticker symbol OFRM.