The trading gives the Berkeley company a market value of $845 million, based on the outstanding shares.
Once Upon a Farm PBC, the organic kids snacks maker co-founded by actress Jennifer Garner, jumped 17% in its trading debut Friday, after the company and some of its investors raised $197.9 million in an initial public offering.
The shares opened at $21 each in New York, above its IPO price of $18. The trading gives the company a market value of $845 million, based on the outstanding shares.
Berkeley-based Once Upon a Farm sold about 7.6 million shares and the selling holders offered around 3.4 million shares, which priced in the middle of the $17 to $19 marketed range. The offering was more than 12 times oversubscribed, people familiar with the matter have said.
The company makes premium-priced products, including kid-friendly pouches of no-sugar-added, organic, refrigerated fruit and vegetable puree, as well as bars, frozen meals and smoothie packets.
The firm traces its roots to 2015 when co-founders Cassandra Curtis and Ari Raz created recipes that focused on organic and real food, according to the filing. Garner and former Annie’s Chief Executive Officer John Foraker joined in 2017.
Separately from Garner’s role on the company’s board, she also receives compensation for her role as co-founder and “Farmer Jen,” the filing shows. The actress has already been paid $1 million and stock options as part of a deal agreed in 2022.
