Once Upon a Farm, PBC (Public Benefit Corporation) has filed its terms for an initial public offering of its common stock and plans to list on the New York Stock Exchange under the ticker OFRM. The company is offering 10,997,209 shares at an expected price range of $17.00 to $19.00 per share, implying gross proceeds of approximately $198 million at the $18.00 midpoint. The offering includes 7,631,537 primary shares sold by the company and 3,365,672 secondary shares sold by existing stockholders, with proceeds from the primary portion going to the company. At the midpoint of the range, the transaction implies a post-IPO equity valuation in the low-to-mid billion-dollar range, based on total shares outstanding disclosed in the filing. The IPO is being led by Goldman Sachs & Co. LLC and J.P. Morgan, with BofA Securities, William Blair, Barclays, amongst others serving as co-managers.
Founded with a mission to deliver fresh, organic, and minimally processed food options for children, Once Upon a Farm has built a differentiated position within the premium baby and kids food category. The company’s product portfolio spans refrigerated pouches, frozen meals, oat bars, and shelf-stable snacks, and is distributed across major grocery, club, and mass retail channels, as well as direct-to-consumer. Structured as a public benefit corporation, the company balances growth objectives with broader social and environmental goals, a governance framework that may appeal to mission-aligned investors while also distinguishing it from more traditional consumer packaged food companies.
Financially, Once Upon a Farm has delivered strong revenue growth over the past several years, reflecting expanding retail distribution and continued consumer demand for premium childhood nutrition. Net sales increased from $94.3 million in 2023 to $156.8 million in 2024, with momentum accelerating further in 2025 as 9M 2025 revenue reached $176.7 million, up more than 60% year-over-year. Gross margins have remained relatively stable in the low-40% range despite inflationary pressures and the complexity of scaling a refrigerated supply chain. Operating losses narrowed in 2024 before widening again in 2025 as the company increased investment in marketing, infrastructure, and headcount, while non-cash items such as changes in the fair value of derivative liabilities weighed on net results. Overall, the financial profile reflects a company still firmly in growth-investment mode, prioritizing scale and brand expansion over near-term profitability.
From a bull case perspective, Once Upon a Farm offers investors exposure to one of the faster-growing brands in the premium baby and kids food category, supported by strong revenue momentum, consistent gross margins, and a differentiated refrigerated product strategy that resonates with modern consumers. If the company can sustain growth while gradually moderating operating expense intensity, long-term margin expansion and category leadership could support valuation over time. Conversely, the bear case centers on continued operating losses, elevated SG&A requirements, and the risk that growth decelerates as competition intensifies or consumer spending weakens. At the proposed valuation, investors are effectively underwriting future scale and profitability improvements, leaving limited room for execution missteps in a market that remains selective toward unprofitable consumer growth companies.
In terms of public market positioning, Once Upon a Farm compares most closely with premium, growth-oriented food and nutrition brands rather than traditional packaged food incumbents. Public peers such as Freshpet, BellRing Brands, and other differentiated branded food companies provide useful valuation context, particularly given their focus on brand-led growth and long-term margin potential. Relative to many established food peers, Once Upon a Farm offers a higher growth profile but more limited near-term profitability, suggesting investors will focus less on current earnings and more on brand strength, household penetration, and the durability of revenue growth.
As the company moves toward pricing, investor attention is likely to center on valuation discipline, execution following the IPO, and the company’s ability to translate strong consumer demand into improving unit economics over time. The offering adds another consumer-facing name to what is shaping up to be a busy and increasingly diverse 2026 IPO calendar, particularly for growth-oriented brands willing to access the public markets early in the cycle.
OFRM will make its NYSE debut on Friday, February 6th, 2026.