Once Upon a Farm, the Berkeley, California-based maker of organic children’s food co-founded by actor Jennifer Garner, has disclosed plans for a U.S. initial public offering that would value the company at as much as $764.4 million.
Under the planned transaction, the company and certain existing shareholders intend to raise almost $209 million by selling approximately 11 million shares. The price range for the shares has been set between $17 and $19 each.
Of the roughly 11 million shares included in the offering, Once Upon a Farm will place 7.6 million shares into the market, while existing shareholders will offer 3.4 million shares. The company will not receive proceeds from the portion sold by those existing stockholders.
Once Upon a Farm is aiming to have its stock listed on the New York Stock Exchange under the ticker symbol "OFRM." The firm originally planned a public listing in 2025, but that timetable was pushed back after last year’s U.S. government shutdown, the longest on record, temporarily pausing operations at the Securities and Exchange Commission and delaying the listing.
Goldman Sachs and J.P. Morgan have been appointed as joint lead bookrunning managers for the offering. Additional underwriters named in the filing include Barclays, Deutsche Bank Securities, Drexel Hamilton, Evercore ISI, Oppenheimer & Co., TD Cowen, and Siebert Williams Shank.
The company’s financial history shows continued losses in recent periods. For the years ended December 31, 2023 and December 31, 2024, Once Upon a Farm reported net losses of $17.6 million and $23.8 million, respectively. For the nine-month reporting periods, the company recorded a net loss of $11.6 million for the period ended September 30, 2024, and a net loss of $39.8 million for the period ended September 30, 2025.
What this filing includes
- Target valuation: up to $764.4 million.
- Planned proceeds: nearly $209 million from about 11 million shares priced at $17 to $19 each.
- Share allocation: 7.6 million shares from the company and 3.4 million shares sold by existing shareholders; the company will not receive proceeds from the latter portion.
- Intended listing: New York Stock Exchange, ticker symbol OFRM.
- Lead managers: Goldman Sachs and J.P. Morgan; other underwriters include Barclays, Deutsche Bank Securities, Drexel Hamilton, Evercore ISI, Oppenheimer & Co., TD Cowen, and Siebert Williams Shank.
Financial snapshot
The filings show the company has reported ongoing net losses in both full-year and year-to-date periods: $17.6 million in net loss for the year ended December 31, 2023; $23.8 million for the year ended December 31, 2024; $11.6 million for the nine months ended September 30, 2024; and $39.8 million for the nine months ended September 30, 2025.
Next steps
Once Upon a Farm’s listing timetable will depend on market conditions and the finalization of the pricing range. The company’s registration and the participation of a mix of institutional underwriters set the framework for the next stage of the proposed public offering.