Jennifer Garner's Organic Food Brand Revives IPO Plans as Market Shows Signs of Life

When a $764 million valuation meets Hollywood star power and organic baby food, you get Once Upon a Farm's renewed IPO ambitions. The company, co-founded by actress Jennifer Garner, filed an updated S-1 on Tuesday, signaling its return to public market plans after pausing due to last year's government shutdown.

From Government Shutdown to Goldman Sachs

The timing tells a story. Once Upon a Farm originally planned its market debut in 2024 but hit pause when the government shutdown created regulatory uncertainty. Now, with Goldman Sachs and J.P. Morgan as lead underwriters, the company is targeting a $17-19 per share price range and a February 6 debut date.

The numbers are substantial: the company aims to raise at least $208.9 million at that $764.4 million valuation. Since its 2015 founding, it's already secured nearly $100 million from investors including S2G Ventures and CAVU Consumer Partners.

Celebrity Brand Meets Market Reality

Garner didn't start the company—that credit goes to serial entrepreneurs Cassandra Curtis and Ari Raz—but she joined later and became its public face. This raises interesting questions about celebrity-backed brands going public. Rihanna'sFenty Beauty and Jessica Alba'sThe Honest Company have shown both the potential and pitfalls of star-powered consumer brands.

The organic baby food and kids' snacks market has grown steadily, driven by parents willing to pay premium prices for perceived health benefits. But it's also increasingly crowded, with established players and new entrants fighting for shelf space and consumer loyalty.

Reading the IPO Tea Leaves

Perhaps most intriguing is what Once Upon a Farm's IPO revival says about the broader market. The IPO market has been largely frozen since 2022, with companies postponing debuts amid economic uncertainty and volatile public markets. Is this organic food company's return to the public markets a canary in the coal mine, suggesting conditions are improving?

The company's niche focus might actually work in its favor. While tech IPOs face skepticism about growth and profitability, consumer brands with clear revenue streams and established market presence may find more receptive audiences among investors seeking stability over explosive growth.