Jennifer Garner's baby food company confidentially files for an IPO, sources say
By Echo Wang and Abigail Summerville
(Reuters) -Once Upon a Farm, the organic baby food company co-founded by actor Jennifer Garner, has filed confidentially for an initial public offering in New York, according to people familiar with the matter.
The Berkeley, California-based company has tapped a group of investment banks for the IPO, which could occur as soon as this year, said the sources, who cautioned that the plans could change, depending on market conditions. Goldman Sachs and JPMorgan are the lead underwriters, said the sources, who requested anonymity because the plans are confidential.
The offering could value the company at about $1 billion, one of the persons said. Once Upon a Farm did not immediately respond to a request for comment, Goldman Sachs and JPMorgan declined to comment.
Garner is known for her work in the TV drama "Alias" and films including "Dallas Buyers Club" and "Catch Me If You Can." A mother of three, she has said she cares deeply about childhood nutrition, and she grows some produce for Once Upon a Farm on her family's century-old farm in Oklahoma.
Once Upon a Farm was founded in 2015 by Cassandra Curtis and Ari Raz to create more nutritious baby-food options. In 2017, Garner and John Foraker, the former CEO of food brand Annie's, joined the company as co-founders.
The company's products for babies, toddlers and children range from oat bars to cold-pressed pouches and frozen meals, and they are sold in supermarkets across the U.S.
An IPO for the company would build on momentum for market debuts in the U.S., a sector that has lately thawed after the Trump administration's tariff announcements earlier this year cast a chill. So far this year, IPOs listed in the U.S. have raised about $27 billion, down from $41 billion in the same period last year, according to data compiled by Dealogic. But this year's figure is more than in 2022 and 2023, when IPOs raised $22 billion and $24 billion, respectively, over the same time frame, according to Dealogic.
In its Nasdaq debut last week, digital bank Chime jumped 59%, valuing the company at $18.4 billion. The stock of stablecoin issuer Circle Internet Group climbed to $103.75 and was halted several times for volatility during a wild first day of trading earlier this month.
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