Lead: Once Upon a Farm, the organic children’s nutrition company co-founded by Cassandra Curtis and Ari Raz and joined by actress Jennifer Garner, began trading on the New York Stock Exchange on Feb. 6, 2026 under the ticker OFRM. The stock opened at $21, 16% above the IPO price of $18, and climbed about 20% in afternoon trading. The offering sold roughly 11 million shares, raising $197.9 million and valuing the business near $724 million. Management says proceeds will reduce debt, buy new equipment and support general corporate purposes.
Key Takeaways
- IPO pricing: Once Upon a Farm set its IPO at $18 per share on Feb. 5, 2026 and began trading on Feb. 6, 2026 under ticker OFRM.
- Market debut: The stock opened at $21 (up 16% from the IPO price) and traded about 20% higher in afternoon session.
- Size and valuation: The company and selling shareholders offered ~11 million shares, raising $197.9 million and implying a market value of roughly $724 million.
- Recent performance: In 2024 the company reported net sales of $156.8 million, a 66% increase year-over-year, while net losses widened from $17.6 million to $23.8 million.
- Corporate structure: Once Upon a Farm is organized as a public benefit corporation with a stated mission to improve childhood nutrition.
- Founders and leadership: Founded in 2015 by Cassandra Curtis and Ari Raz; Jennifer Garner joined as a co-founder and board member in 2017; John Foraker serves as CEO.
- Use of proceeds: Company intends to pay down debt, purchase equipment and fund general corporate purposes per regulatory filings.
Background
Once Upon a Farm began in Berkeley, California in 2015, aiming to deliver organic, cold-processed refrigerated baby foods and snacks. The brand pitched itself against mass-market, shelf-stable baby foods by emphasizing fresh ingredients and refrigerated distribution. Jennifer Garner and former Annie’s Homegrown CEO John Foraker joined in 2017, bringing consumer-brand experience and a public-facing champion in Garner who holds the informal title “Farmer Jen.”
Over the past decade, consumer preferences have shifted toward less-processed and organic options for children, a trend that supporters say has pressured large packaged-food companies and created openings for insurgent brands. Retailers have increasingly allocated more visible shelf space to organic and refrigerated formats, a change company executives note as a key distribution tailwind. The company privately planned a public offering earlier, but timing shifted amid disruptions the filing describes as a prolonged government shutdown that delayed plans.
Main Event
On Feb. 6, 2026 Once Upon a Farm executed an IPO on the New York Stock Exchange, listing under OFRM. The offering was priced at $18 per share and sold approximately 11 million shares, generating $197.9 million in gross proceeds and valuing the firm at about $724 million. Trading opened higher, with an initial price of $21 and a roughly 20% gain by afternoon — signaling investor demand for the category at debut.
Company leadership framed the public listing as consistent with its mission as a public benefit corporation, saying access to public capital would help scale manufacturing, reduce leverage, and expand distribution while keeping the brand’s stated social commitments intact. Management said the decision to pursue an IPO reflected a desire to remain mission-driven rather than be acquired, citing past industry examples where buyers altered the brands they purchased.
Financials in the S-1 show rapid top-line growth — net sales of $156.8 million in 2024, a 66% increase from the prior year — accompanied by widening net losses, which rose to $23.8 million in 2024 from $17.6 million in 2023. Executives told reporters and investors they expect operating leverage as production scale improves and distribution expands.
Analysis & Implications
The strong first-day pop reflects investor appetite for growth-oriented consumer brands in the organic and refrigerated segment, particularly those with recognizable founders and a clear mission. A public listing gives Once Upon a Farm more visible currency for acquisitions and partnerships, while also exposing it to market scrutiny on profitability and supply-chain execution. Rapid revenue growth (66% year-over-year in 2024) is encouraging, but the widening losses underscore that the company remains in an investment phase.
As a public benefit corporation, Once Upon a Farm faces a dual mandate: pursue growth and returns while maintaining social and nutritional commitments. That structure may attract mission-focused investors but can also complicate standard financial metrics and governance expectations. Management has argued that going public — rather than selling to a strategic buyer — helps preserve long-term mission fidelity.
Sector dynamics are favorable: broader consumer shifts away from ultra-processed foods and toward refrigerated organic options have helped similar challengers win shelf space and shopper attention. Still, the company must translate favorable trends into sustained margins amid competition from larger firms rebranding or expanding organic lines, and from other challenger brands seeking the same retail real estate.
Comparison & Data
| Metric | 2023 | 2024 |
|---|---|---|
| Net sales | $94.5M (approx.) | $156.8M (66% growth) |
| Net loss | $(17.6)M | $(23.8)M |
| IPO price / open | $18 IPO / $21 open (≈16% open premium) | |
| Shares sold | ~11 million | |
| Proceeds / valuation | $197.9M raised; ~$724M implied valuation | |
The 2023 net sales figure is derived from the 66% year-over-year increase disclosed in the company’s filings; it is presented here as an approximation to contextualize growth. The table highlights the tension between top-line expansion and continued losses: management must demonstrate that sales growth will convert to sustainable profitability over time, either through margin improvement, operational scale or pricing adjustments.
Reactions & Quotes
The public debut drew immediate commentary from company leaders and analysts. Before trading, Jennifer Garner highlighted the brand’s family focus and convenience promise to parents.
“We want to feed babies to big kids, as we’re helping make parents’ lives easier,”
Jennifer Garner, co-founder and board member
CEO John Foraker framed the IPO as a way to leverage favorable consumer trends and to maintain the company’s mission while scaling.
“With these tailwinds and consumer trends being in the right spot, we’re really trying to take advantage of that and deliver more for consumers,”
John Foraker, CEO
Market observers noted the strong debut as part of a wider uptick in IPO activity tied to easing interest-rate expectations. Renaissance Capital data cited multiple sizable offerings this week, underscoring renewed issuer confidence in public markets.
Unconfirmed
- Attribution of sales growth directly to specific advocacy movements (for example, the referenced “Make America Healthy Again” movement) has not been independently quantified by the company; causation is not confirmed.
- Claims about how much incremental shelf space retailers have reallocated to the brand versus category peers are based on executive statements and have not been fully verified by third-party retail data in this report.
- Long-term preservation of mission post-IPO depends on future board and management actions and is not guaranteed despite the public benefit corporate structure.
Bottom Line
Once Upon a Farm’s 20% pop at debut reflects investor enthusiasm for fast-growing, mission-driven consumer brands in the refrigerated organic category. The company has demonstrable topline momentum — $156.8 million in 2024 revenue — but remains unprofitable, with losses widening to $23.8 million last year.
For investors and industry watchers, the critical questions going forward are whether management can convert growth into durable margins, how the company balances public-benefit commitments with shareholder expectations, and whether the category’s favorable retail dynamics persist as larger competitors respond. The IPO provides capital and visibility; execution in the quarters ahead will determine whether the initial optimism endures.