*

IPO could value Once Upon a Farm at $1 billion, source

says

*

IPO market in U.S. shows signs of recovery, raising $27

billion

YTD

*

Company has hired Goldman and JPMorgan ( JPM ) to lead the IPO

By Echo Wang, Abigail Summerville

June 18 (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 ( GS ) and

JPMorgan ( JPM ) 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 ( GS ) and JPMorgan ( JPM )

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 ( CRCL ) climbed to

$103.75 and was halted several times for volatility during a

wild first day of trading earlier this month.