Jennifer Garner's Once Upon a Farm targets $764 million valuation in US IPO

By Arasu Kannagi Basil Jan 26 (Reuters) – Once Upon a Farm, the children's organic food company co-founded by actor Jennifer Garner, said on Monday it was targeting a valuation of up to $764.4 million in its U.S. initial public offering, as optimism grows that consumer-related IPOs will rebound in 2026. The Berkeley, California-based company and some of its backers are seeking up to $208.9 million by offering 11 million shares priced between $17 and $19 apiece. Dealmakers expect listings by retailers and consumer goods companies to rebound in 2026 after U.S. President Donald Trump's sweeping tariffs dampened activity last year. "Tariffs will be a sticking point for consumer IPOs, but at least investors now have more confidence in the impact, compared to last year," said Matt Kennedy, senior ‍strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. "Investors want predictability – that's why it's difficult to price an IPO when the supply chain is in the middle of a big shift with new tariffs." Once Upon a Farm warned in its prospectus that trade barriers affecting Mexico and South America, where it sources a significant share of its fruit and vegetable ingredients, could lead to shortages and higher costs. The company offers a range of products targeted at children of all ages, from cold-pressed pouches to frozen meals and oat bars. Once Upon a Farm had planned to go public in 2025, but the listing was delayed after the longest-ever U.S. government shutdown halted the Securities and Exchange Commission's operations. Cassandra Curtis and Ari Raz started Once Upon a ​Farm in 2015. Two years later, ‍Garner and John Foraker, the former CEO of food brand Annie's, joined the company as ​co-founders. Investment firms CAVU Venture Partners, S2G Ventures and Cambridge Companies SPG are among the top shareholders of the company, which had raised $52 million in a 2022 funding round. Goldman Sachs and J.P. Morgan are the joint lead bookrunning managers. Once Upon a Farm will list on the NYSE under the symbol "OFRM." (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Sahal Muhammed and Leroy Leo)

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