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Once Upon a Farm went public, and the stock jumped. But this isn’t the standard path for a consumer brand. In this episode of Market Outsiders, Jenny Rae and Namaan examine why a single-brand baby food company chose an IPO instead of selling to a large CPG player - and what role Jennifer Garner’s involvement really plays in that decision. We break down the business fundamentals behind the headlines, from refrigerated supply chains to retailer economics, and question how much of the early momentum can translate into long-term scale. The episode closes with what comes next - and whether this business is built to stay public. We cover: ⏺️ Why this IPO breaks the usual consumer brand playbook ⏺️ The real economics behind refrigerated, organic consumer products ⏺️ How celebrity-backed trust does - and doesn’t - scale over time A clear-eyed look at IPO strategy, consumer economics, and where this bet could break. Subscribe to our channel: / @managementconsulted Chapters: 00:00 – Why This IPO Is Different 02:30 – What Is Once Upon a Farm? 05:20 – The Jennifer Garner Effect 09:10 – Refrigerated Food Economics 13:40 – Retail Shelf Space and Margins 17:30 – Why IPO Instead of Selling 21:40 – Losses, Growth, and Valuation 25:40 – How This Business Scales 29:40 – What Comes Next