Once Upon a Farm, PBC (OFRM Proposed) – a natural baby food company co-founded by actor Jennifer Garner – disclosed the terms for its $197.95 million IPO early today – with plans to price the deal next week. (Please see the IPO Calendar for the pricing date.) The Berkeley, California-based maker of organic baby food is offering 10.997 million shares at a price range of $17.00 to $19.00 to raise $197.95 million, if the IPO is priced at the $18.00 mid-point of its range. Once Upon a Farm’s IPO is a New York Stock Exchange listing.
Goldman Sachs and J.P. Morgan are leading the joint book-running team.
At pricing, Once Upon a Farm would have a market cap of $724.17 million – if priced at the $18.00 mid-point of its range.
Once Upon a Farm was started by Cassandra Curtis and Ari Raz in 2015. Curtis created the recipes in her own kitchen. The food has no added sugar and no preservatives, the company said in the prospectus.
In 2017, John Foraker, the former president of the Annie’s unit at General Mills, and Jennifer Garner, the actor, philanthropist and entrepreneur, joined Curtis and Raz to create the childhood nutrition company, the prospectus said.
Once Upon a Farm is not profitable. The company reported a net loss of $48.12 million on revenue of $201.59 million for the 12 months that ended on June 30, 2025.