Once Upon a Farm, the fresh baby food brand co-founded by actress Jennifer Garner, has set terms for a $198 million initial public offering, positioning itself as one of the more prominent consumer-focused IPOs to test the stock market this year. The offering comes amid a cautious reopening of the IPO window, with investors showing selective interest in branded food companies with premium positioning and clear growth narratives. For the market, the deal underscores renewed appetite for defensible consumer staples stories despite ongoing volatility.
Company Background
Founded in 2015, Once Upon a Farm produces refrigerated, organic baby and kids’ food products made with cold-pressed, high-pressure processing technology. The company focuses on clean-label ingredients, minimal processing, and transparent sourcing, targeting health-conscious parents willing to pay a premium for freshness and nutrition. Jennifer Garner serves as co-founder and chief brand officer, lending celebrity visibility and marketing reach, while day-to-day operations are led by an experienced executive team with backgrounds in packaged foods and consumer brands. The company’s products are distributed through major grocery chains, club stores, and direct-to-consumer channels, supporting a hybrid retail strategy designed to scale nationally.
IPO Details
Once Upon a Farm plans to list on a U.S. stock exchange under a ticker symbol that has yet to be disclosed. The company is seeking to raise approximately $198 million in gross proceeds, implying a valuation in the low single-digit billions at the midpoint of the expected price range, according to its filing. The offering reflects a roughly 20% reduction in shares from earlier internal targets, a move that suggests a disciplined approach to pricing amid uneven investor demand for consumer IPOs. Proceeds are expected to be used to fund capacity expansion, product innovation, and working capital, as well as to provide liquidity for existing shareholders. The deal is being led by a syndicate of major investment banks acting as joint bookrunners.
Market Context & Opportunities
The IPO lands as the broader food and beverage sector benefits from renewed investor interest in staple-oriented businesses with brand loyalty and recurring demand. While growth in traditional packaged foods has slowed, premium and organic categories continue to outpace the market, driven by demographic trends and increased focus on health and wellness. Once Upon a Farm’s refrigerated model differentiates it from shelf-stable competitors, potentially supporting pricing power and brand stickiness. For investors, the combination of celebrity-backed marketing, strong retail partnerships, and category growth may offer an appealing consumer growth story in an otherwise selective IPO environment.
Risks & Challenges
Despite its momentum, Once Upon a Farm faces meaningful risks. Competition in baby food and children’s nutrition remains intense, with both legacy food conglomerates and emerging startups vying for shelf space. The company’s reliance on refrigerated distribution increases logistics and cost pressures, particularly during periods of inflation. Profitability is another concern, as marketing spend and expansion investments could weigh on margins in the near term. Market volatility could also affect post-IPO trading performance, especially for consumer discretionary-adjacent names.
Closing Paragraph
Once Upon a Farm’s market debut will test whether a premium, celebrity-backed food brand can translate consumer goodwill into sustained investor interest. The IPO’s reception may signal whether differentiated consumer staples stories are regaining favor—or whether caution still dominates the current stock market landscape.
