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Once Upon a Farm, the children’s organic food company co-founded by actress Jennifer Garner, has launched the roadshow for its initial public offering, targeting a valuation of $764 million as it seeks to expand operations amid growing demand for organic and minimally processed kids’ foods.
The Berkeley-based company filed a registration statement with the US Securities and Exchange Commission to offer 11 million shares of common stock, priced between $17 and $19 each, with 7.63 million shares sold by the company and 3.36 million by existing investors.
The company has also granted underwriters a 30-day option to purchase up to 1.65 million additional shares. Proceeds are earmarked for debt repayment, new equipment,and general corporate purposes.
The stock is expected to list on the New York Stock Exchange under the ticker 'OFRM'.
Founded in 2015 by Cassandra Curtis and Ari Raz, Once Upon a Farm produces organic, non-GMO snacks and meals for children of all ages, including cold-pressed fruit and vegetable pouches, frozen meals, oat bars and pantry snacks, all free from added sugar, artificial flavours, colours or preservatives.
Garner and former Annie’s CEO John Foraker joined as co-founders in 2017, lending the brand celebrity recognition and industry credibility.
The IPO positions Once Upon a Farm to capture growth in the US organic children’s food market, where parents increasingly seek convenient, nutritious and clean label options.
Top shareholders include CAVU Venture Partners, S2G Ventures and Cambridge Companies SPG, and the IPO is being led by Goldman Sachs and J.P. Morgan, with additional bookrunning support from BofA Securities, William Blair, Barclays, Evercore ISI, Deutsche Bank Securities, Oppenheimer & Co and TD Cowen.
The company warned in its prospectus that trade barriers affecting Mexico and South America, where it sources much of its fruit and vegetable ingredients, could lead to supply shortages and higher costs.
The IPO remains subject to market conditions, with no assurance on timing, size or final pricing.