By Paul R. La Monica
Jennifer Garner's Sidney Bristow character from the TV show Alias and Elektra in Marvel movies may have faced formidable foes. But now the actress and entrepreneur is squaring off against an even more challenging adversary: fickle investors. So far, Garner has the upper hand.
Garner is a co-founder and investor in the organic baby food company Once Upon a Farm, which began trading Friday after a rocky week for the market and initial public offerings. But the stock, potentially taking advantage of the sweeping rally, rose more than 20% Friday afternoon to as high as $22 after opening at $21. Once Upon a Farm priced the IPO at $18, the midpoint of its expected range. Garner owns a 7.4% stake, now worth $66 million.
Once Upon a Farm is one of several high-profile companies to go public this week, a tumultuous one for the broader market due to worries about artificial intelligence hurting demand for software and services companies. One tech services firm, digital advertising company Liftoff Mobile, postponed plans to go public Friday, citing market volatility.
Worries about AI may not be a concern for a company like Once Upon a Farm though. Another consumer-oriented firm, furnishings retailer Bob's Discount Furniture, was also up following its market debut a day earlier. Bob's finished Thursday roughly unchanged but rose 4% Friday.
The market's recent wild swings may also have hurt the debuts of biotech AgomAB Therapeutics on Friday and Thursday's IPO of Eikon Therapeutics, which both are trading below their offering prices. Still, two other biotechs, Veradermics and Friday's listing of SpyGlass Pharma, each soared from their IPO prices.
The week's biggest IPO, energy infrastructure firm Forgent Power Solutions, rose more than 8% on its first trading day Thursday and rallied another 13% Friday. The company makes transformers, switches and other equipment for data centers. So IPO investors are clearly being more discerning, which isn't a bad thing.
Several other stocks that have gone public so far this year, including satellite maker York Space Systems and online life insurer Ethos Technologies, have fallen below their IPO prices. Others, such as construction equipment rental firm EquipmentShare.com and medical supplies company Medline, have risen sharply.
Still, despite the success for Once Upon a Farm on Friday, the company faces some other challenges. For one, it isn't yet profitable. Once Upon a Farm lost $23.8 million in 2024 and another $39.8 million in the first half of 2025. The company is also highly dependent on several giant retailers -- such as Amazon and its Whole Foods subsidiary, Walmart, Target, Kroger and Costco -- to sell its products. That could mean smaller profit margins down the road.
Once Upon a Farm said in its IPO filing that "the growing presence of large-format retailers, discounters, and e-commerce retailers, and the integration of traditional and digital operations at key retailers" make the company "increasingly dependent on certain retailers that may have greater bargaining strength than we do."
Once Upon a Farm may also bring up unpleasant memories for some investors of another once-buzzy consumer company that had a famous actress as an investor and spokesperson.
Jessica Alba's The Honest Company, which makes eco-friendly baby and household products, went public in 2021 at $16 a share and soared to $23 on its first day of trading. It now trades for a little under $2.30.
Write to Paul R. La Monica at paul.lamonica@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
February 06, 2026 16:18 ET (21:18 GMT)
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