Once Upon a Farm IPO Debuts on NYSE
Once Upon a Farm IPO priced at $18 per share and raised $197.95 million, providing a valuation signal that may steer retail and institutional flows.
KEY TAKEAWAYS
- Priced at $18 per share, the IPO raised $197.95 million and implied a $724.17 million fully diluted valuation.
- The company reported a $48.12 million net loss on $201.59 million revenue over the latest 12 months.
- Underwriters led by Goldman Sachs and J.P. Morgan aimed to ensure broad institutional distribution.
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Once Upon a Farm IPO debuted on the New York Stock Exchange on Feb. 6, 2026, after pricing the offering the night before at the midpoint of its marketed range. The children's organic-food maker raised fresh public capital while remaining unprofitable.
IPO Terms and Underwriting
The company priced the offering at $18 per share on Feb. 5, 2026, the midpoint of a $17–$19 range. It sold nearly 11 million shares, with about 7.6 million offered by the company, raising $197.95 million. This implied a fully diluted market capitalization of $724.17 million at pricing. Shares began trading on the NYSE the following day.
Goldman Sachs and J.P. Morgan served as joint book-runners, supported by BofA Securities, William Blair, Barclays, Evercore ISI, Deutsche Bank Securities, Oppenheimer & Co., and TD Cowen. The broad underwriting syndicate aimed to ensure wide institutional distribution.
Financials and Company Background
For the 12 months ended June 30, 2026, Once Upon a Farm, PBC reported a net loss of $48.12 million on revenue of $201.59 million. Based in Berkeley, California, the company sells organic baby and children’s foods, including cold-pressed pouches, pantry snacks, frozen meals, and oat bars, all marketed without preservatives or artificial ingredients.
Founded in 2015 by Cassandra Curtis and Ari Raz, the company brought on actor Jennifer Garner and industry executive John Foraker in 2017. Foraker has served as CEO since 2017 and previously led Annie's Inc. from 2003 to 2014. The company filed its initial S-1 registration statement in September 2025 ahead of the IPO pricing.
The offering marks Once Upon a Farm’s entry into public markets, where its pricing and valuation will be closely watched as a benchmark for other branded organic children’s food companies considering going public.
