Once Upon a Farm files for IPO

BERKELEY, CALIF. — Children’s food manufacturer Once Upon a Farm has filed a registration statement with the US Securities and Exchange Commission for an initial public offering (IPO). The offering is expected to be priced between $17 and $19 per share, and the company has applied to be listed on The New York Stock Exchange (SEC) under the symbol “OFRM.”

Specifically, the company plans to offer 10,997,209 shares of its common stock, 7,631,537 of which are being offered by Once Upon a Farm and 3,365,672 shares that are being offered by existing stockholders. The company also intends to grant the underwriters a 30-day option to purchase up to an additional 1,649,581 shares of common stock at the IPO price.

The money raised through the IPO will be used to pay down debt, purchase equipment and make certain payments conditioned on the offering and for general corporate purposes, according to the company.

Once Upon a Farm had annual sales of $226 million as of Sept. 30, 2025, and incurred a loss of $52 million during the period, according to the SEC filing. The company’s product portfolio consists of pouch, snack and “other” applications, of which pouches make up 64% of sales, snacks make up 35% and other products are currently 1%.

Citing data from the market researcher Numerator’s Shopper Metrics Report, Once Upon a Farm said its household penetration ended Sept. 30 was 4.8%, up from 3.1% when compared with the same period last year and “under penetrated” when compared to such competitors as Gerber, GoGo squeeZ and Stoneyfield’s children’s products.

“This leaves us with significant room to deepen household penetration into the mid-teens or beyond, as we continue to grow brand awareness,” the company said in the filing. “Even while growing our penetration of households with kids by more than 50%, per the 2025 Numerator Shopper Metrics report, we maintained a high buy rate of $46.02 for the 12 months ending Sept. 30, 2025.”

Once Upon a Farms’ products are currently distributed to more than 22,000 stores nationwide.

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Distribution of Once Upon a Farm’s products is currently in over 22,000 stores with an average of more than 20 stock-keeping units (SKUs) in each “door.”

Key to the company’s retail strategy will be the deployment of coolers in stores. The company currently has 3,200 coolers in retailers nationwide.

“Coolers play a highly disruptive role in our brand journey, serving as a key entry point into the brand for new consumer households,” the company said in its filing. “We are rapidly scaling our cooler program to extend our brand presence and increase our product assortment and SKU count across retailers.

“Our coolers can be found replacing standard shelving in the baby aisle as an endcap or free standing, and they currently feature our widest selection of pouches and baby food meals with baby positioning and nutrition designed for what we believe parents walking down the baby aisle are looking for. We estimate that there is an opportunity to expand across North America into a footprint of more than 15,000 coolers in stores.”

Future innovation from the company will include the development of functional children’s foods “due to the prevalence of health and wellness trends,” according to the company.

“Leveraging the direct connections with parents built through our DTC website and our extensive consumer analytics, we believe we have the platform to enhance and expand our existing portfolio to fulfill these unmet needs and preferences,” the company said. “This includes building out our functional portfolio across formats, temperature states, and key elements such as protein, brain health support, and gut health support, which not only provide parents the functionality they are looking for but also satisfy the cravings of babies and kids.”