Once Upon a Farm, the organic baby food brand co-founded by actress Jennifer Garner, has filed a confidential application for an initial public offering (IPO) in New York, as reported by individuals knowledgeable about the situation.

The company, headquartered in Berkeley, California, has engaged several investment banks for the IPO, which might take place later this year, according to the sources, who noted that these plans are subject to change based on market conditions.

Goldman Sachs and JPMorgan are the lead underwriters, said the sources, who requested anonymity because the plans are confidential.

The IPO could potentially evaluate the company at around $1 billion, one source mentioned. Once Upon a Farm did not immediately reply to a request for comment, while both Goldman Sachs and JPMorgan chose not 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 US.

An IPO for the company would build on momentum for market debuts in the US, 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 US 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 climbed to $103.75 and was halted several times for volatility during a wild first day of trading earlier this month.