Jennifer Garner’s Once Upon a Farm announces IPO to raise up to $209 million

Once Upon a Farm, an organic baby food maker cofounded by actress Jennifer Garner, has announced plans for an IPO to raise up to $209 million. The company filed for the offering in September last year but postponed the listing after a U.S. government shutdown disrupted the planned timeline.

Once Upon a Farm has started a roadshow for its planned IPO, the company said. It intends to offer 7.63 million shares, while existing shareholders plan to sell about 3.37 million shares, bringing the total offering to nearly 11.0 million shares. The company will also grant underwriters a 30-day option to purchase an additional 1.65 million shares.

The offering is expected to be priced in a range of $17-19 per share. At the top of the range, the IPO would raise up to $209 million, including about $145 million in proceeds to the company, with the remainder going to selling shareholders.

If shares are sold at the upper end of the range, Once Upon a Farm would have a market value of $764.4 million, according to Bloomberg. The management expects the IPO to be priced after the market closes on February 5, according to a management presentation.

Proceeds from the offering are expected to be used, among other purposes, to repay borrowings, purchase new equipment, and cover certain cash payments related to existing agreements, the company said.

Once Upon a Farm was founded in 2015 by Ari Raz and Cassandra Curtis, who developed organic recipes for children. In 2017, the founders were joined by Garner and John Foraker, the former CEO of Annie’s and the current CEO of Once Upon a Farm.

The business is built around two core ideas – that children should have access to organic, fresh food, and that parents need convenient and appealing options. The company produces refrigerated fruit and vegetable purees, snacks, and bars that are GMO free and contain no added sugar. Its products are sold in more than 22,000 stores across the U.S., according to company disclosures. Ingredients are sourced from a range of suppliers, including Jen’s Family Farm, part of the Garner family’s agricultural operations, among others.

Once Upon a Farm originally planned to go public in October 2025, but the listing was derailed by what became the longest U.S. government shutdown on record, Foraker wrote in a post on LinkedIn. After briefly considering a window around the holiday season, the company ultimately decided to postpone the IPO to 2026, he said.