Once Upon a Farm revives IPO plans with $764.4M valuation

Once Upon a Farm, an organic food company specializing in baby food and kids’ snacks, is resuming its plans for an Initial Public Offering (IPO). On Tuesday, the company filed an updated S-1 with the Securities and Exchange Commission (SEC), the US regulator for securities markets. An S-1 is a registration form filed with the SEC for new securities, which private companies must submit before listing on public exchanges. The updated filing indicates that the company has officially restarted its public listing process, which had been put on hold. This updated filing represents a key step in the company’s efforts to transition from a privately held business to a publicly traded entity.

According to the regulatory filing and reports from Reuters, Once Upon a Farm has established the following financial targets for its upcoming public offering:

• Target valuation: $764.4 million
• Share price range: $17-$19 a share
• Fundraising target: At least $208.9 million
• Lead bankers: Goldman Sachs and J.P. Morgan

The organic food company was founded in 2015. Its co-founders include serial founders Cassandra Curtis and Ari Raz, with actress Jennifer Garner joining the co-founding team at a later stage. Once Upon a Farm had initially planned to hold its IPO last year, though it paused the process amid the government shutdown. Following the updated filing, the company is expected to make its debut on February 6, according to IPOScoop. The company’s leadership team has navigated these regulatory delays to bring the brand back to the public pipeline.

Prior to transitioning to the public markets, Once Upon a Farm secured substantial private backing. According to data from PitchBook, the company has raised almost $100 million in funding to date. Its venture investors include S2G Ventures and CAVU Consumer Partners. These early backers supported the company’s growth from its 2015 founding through its expansion into the organic baby food and kids’ snack sectors, preparing it for the transition to public trading.

The resumption of Once Upon a Farm’s listing plans comes amid shifting conditions in the broader financial markets. The company’s decision to move forward with its public offering, complete with a specific price range and debut date, perhaps signals that the overall IPO market is starting to thaw after a period of relative inactivity.

Why it matters

The resumption of Once Upon a Farm’s IPO plans, with a specific price range and debut date, may signal that the overall IPO market is starting to thaw.