Once Upon a Farm PBC, the organic kids‑snack maker co‑founded by actress Jennifer Garner, saw its shares jump 17 % on their debut after the company and a group of investors raised $197.9 million in an initial public offering.
The stock closed at $21.05 per share in New York, well above the $18 IPO price, and at one point climbed to $22. That close gives the company a market value of roughly $847 million based on outstanding shares.
During the offering, the company sold about 7.6 million shares while existing holders offered roughly 3.4 million. The shares were priced between $17 and $19, and the deal was more than twelve times oversubscribed.
Once Upon a Farm’s product line focuses on premium, kid‑friendly snacks. Think no‑sugar‑added organic fruit and vegetable purees in convenient pouches, along with bars, frozen meals and smoothie packets.
The company traces its roots back to 2015, when founders Cassandra Curtis and Ari Raz developed recipes that emphasized organic ingredients. Garner and a former CEO of a well‑known snack brand joined the team in 2017.
Garner’s compensation is tied to the IPO. She has already received $1 million and stock options, and is set to receive $2 million on January 31 2026, another $2 million on January 31 2027, and $3 million on January 31 2028. She is also eligible for a cash bonus linked to the IPO price.
Beyond board duties, Garner has been actively involved in investor meetings and the formal roadshow. She works to add value across the business, building relationships with retail partners and acting as a bridge between sales, marketing, supply chain and the growers who supply the ingredients.
The IPO was filed in September, just before the longest U.S. government shutdown in history. The listing was postponed until 2026 because the shutdown interfered with the process.
For the nine months ended September 30, the company reported a net loss of $39.8 million on revenue of $176.7 million, compared 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 % a year earlier.
Pouches account for the majority of the company’s net sales. Their products are stocked in more than 2,800 brick‑and‑mortar stores, including major retailers such as Walmart, Target, Amazon’s Whole Foods and Kroger.
Proceeds from the IPO will help repay debt, purchase new equipment and provide a cash payment for a spokesperson agreement.
Earlier in 2022, the company raised $52 million in a funding round led by a venture capital firm, with additional investors including other venture capital and private equity firms. That round helped the company hit $100 million in retail sales that year.
Consumer‑facing IPOs have been modest in recent years. Listings in 2021 raised $17.4 billion, but since then the total has only added up to about $15.6 billion. Some recent IPOs, like a sports‑wear brand and a digital entertainment company, have performed well, while others have struggled.
After the IPO, the venture capital firm is expected to hold the largest stake at about 27.5 %, followed by another venture capital firm at 14 % and a private equity firm at 9.3 %.
The offering was led by a group of major investment banks, and the shares now trade on the New York Stock Exchange under the ticker OFRM.
