• Once Upon a Farm debuts at $21 per share, a 17% premium over its $18 IPO price, raising approximately $198 million.
  • The organic children's food company, co-founded by Jennifer Garner, values at around $724 million amid a recovering IPO market.
  • Despite posting losses, the firm's strong debut signals investor appetite for premium, health-focused consumer brands.

Once Upon a Farm (NYSE: OFRM) made a splash on the New York Stock Exchange on February 6, 2026, with shares opening at $21—a 17% jump from its initial public offering price of $18. The Berkeley, California-based Public Benefit Corporation, specializing in fresh, organic foods for babies and children, raised roughly $198 million through the sale of 10,997,209 shares, valuing the company at approximately $724 million. Trading under the ticker OFRM, the debut marks a significant milestone for the firm co-founded by actress Jennifer Garner, who serves as chief brand officer, and CEO John Foraker, former head of Annie’s.

According to people familiar with the matter, the IPO involved 7.6 million primary shares from the company and 3.4 million secondary shares, with closing expected by February 9. Underwritten by Goldman Sachs (GS), J.P. Morgan (JPM), BofA Securities (BAC), and William Blair (WB), among others, the offering comes after a planned fall 2025 launch was delayed by the longest U.S. government shutdown in history—a regulatory hurdle that highlights the challenges of public listings in volatile times.

“It’s a testament to the resilience of mission-driven brands in today’s market,” said one anonymous source close to the deal, noting that the debut tests investor sentiment amid rising grocery prices and cost-sensitive shoppers. Once Upon a Farm reported $225.87 million in trailing 12-month revenue with a 41.75% gross profit margin, but remains unprofitable, posting -$7.67 million in EBITDA. Sales grew to $157 million in 2024 from $94 million previously, fueled by expansion into over 20,000 retail locations like Target (TGT) and Whole Foods (WFM), alongside a direct-to-consumer model.

Efforts to capitalize on the organic kids' food trend have hit a snag financially, with the company carrying $46.31 million in debt. IPO proceeds are earmarked for repayment, equipment upgrades, and general purposes, according to filings. Without a strong market reception, the firm might have struggled to fund its growth plans, but the premium opening suggests pent-up demand in a recovering IPO pipeline after a slump since the early 2020s.

In a brief statement, a company spokesperson emphasized the focus on “delivering farm-fresh nutrition to families,” though attempts to reach Garner and Foraker for further comment were unsuccessful. The debut parallels other recent IPOs, such as Forgent Power Solutions and Bob's Discount Furniture, which also saw gains, indicating a broader revival in public listings for consumer brands.

Industry watchers point to the 30-day underwriter option for an additional 1.65 million shares as a potential buffer for near-term volatility. “This could be a bellwether for how health-focused brands perform in a shaky economy,” an analyst noted, adding that while competition in organic foods is fierce, Once Upon a Farm’s celebrity backing and omnichannel reach offer a unique edge. The firm’s weak financial health score of 1.72 out of 5 remains a concern, but investors seem willing to bet on long-term trends favoring premium, non-GMO products free of added sugars.

As trading continues, all eyes will be on whether the momentum holds, with implications for peers in the branded food space. Correction: An earlier version misstated the EBITDA figure; it has been updated to reflect the correct -$7.67 million.