Jennifer Garner, co-founder of As soon as Upon a Farm, heart, and Cassandra Curtis, co-founder of of As soon as Upon a Farm, heart proper, throughout the firm’s preliminary public providing (IPO) on the ground of the New York Inventory Change (NYSE) in New York, US, on Friday, Feb. 6, 2026.
Michael Nagle | Bloomberg | Getty Pictures
As soon as Upon a Farm made its public market debut on Friday, buying and selling on the New York Inventory Change underneath the ticker “OFRM.”
The inventory opened at $21 per share, up 16% from its preliminary public providing value. Shares rose 20% in afternoon buying and selling.
The natural kids’s vitamin firm priced its IPO at $18 per share on Thursday, in the midst of the anticipated vary of $17 to $19. As soon as Upon a Farm and backers bought about 11 million shares, elevating $197.9 million and valuing the corporate at $724 million.
Based in 2015 by Cassandra Curtis and Ari Raz, the Berkeley-based firm sells a variety of natural cold-processed, refrigerated child meals and child snacks. In 2017, actress Jennifer Garner and former Annie’s Homegrown CEO John Foraker joined the corporate as co-founders. Garner sits on the corporate’s board and holds the formal title “Farmer Jen,” whereas Foraker, whom she calls the “Grand Poobah of natural,” is CEO.
“We wish to feed infants to massive youngsters, as we’re serving to make dad and mom lives simpler,” Garner informed CNBC.
As soon as Upon a Farm’s market debut comes as buyers and policymakers alike have pushed again on ultra-processed meals, notably when consumed by kids. For instance, the “Make America Wholesome Once more” motion, spearheaded by Well being and Human Companies Secretary Robert Kennedy Jr., has discovered evangelists in so-called “MAHA mothers,” who agree together with his opinions on every thing from junk meals to childhood vaccinations.
The shift in conduct has damage Large Meals, whereas fueling development for rebel manufacturers like As soon as Upon a Farm. In 2024, the corporate recorded internet gross sales of $156.8 million, up 66% from the prior yr, though its losses widened from $17.6 million to $23.8 million, in response to a regulatory submitting.
“With these tailwinds and shopper tendencies being in the proper spot, we’re actually attempting to benefit from that and ship extra for shoppers,” Foraker stated.
Retailers have taken observe of the shift and are allotting prime shelf house to natural meals, a far cry from Foraker’s early days at Annie’s, when its merchandise have been relegated to the undesirable “natural” nook in grocery shops, he stated.
As soon as Upon a Farm, which is formally designated as a public profit company, goals to “drive systemic change in childhood vitamin,” in response to its mission assertion. Foraker stated its dedication to that aim is why it selected to go public fairly than search a sale, a way more widespread ambition for upstart shopper items companies.
Whereas Foraker stated he had an excellent expertise with Normal Mills after it purchased Annie’s in 2014, he famous that throughout the meals and beverage business, many firms don’t stick with the guarantees that they make to manufacturers they’re shopping for and honor their mission. (Look no additional than the yearslong dust-up between Ben & Jerry’s and its former proprietor Unilever and present dad or mum Magnum Ice Cream Firm, which spun out from the Dove proprietor final yr.)
As soon as Upon a Farm was planning to go public final yr, earlier than the longest-ever authorities shutdown disrupted these plans. As soon as Upon a Farm plans to spend the IPO proceeds to pay down its debt, buy new tools and fund common company functions, in response to a regulatory submitting.
Broadly, extra IPOs are anticipated this yr, because of rate of interest cuts and a big backlog of firms which have been scared off by market volatility and recession fears. This week alone noticed seven firms go public by way of IPOs that raised a minimum of $150 million, together with Bob’s Low cost Furnishings, in response to Renaissance Capital knowledge.
