Open Farm Aiming for IPO on Toronto Stock Exchange in 2026

Canadian pet food company Open Farm is pursuing an initial public offering (IPO) on the Toronto Stock Exchange (TSX) in 2026. Open Farm has expanded its North American sales network to over 9,500 locations through a partnership with PetSmart. The company is working on the listing with Goldman Sachs and RBC, according to three anonymous sources. Open Farm aims to raise between $300 million and $400 million, targeting a valuation of approximately $1 billion. However, there has been no official announcement regarding the valuation, fundraising amount, or listing schedule. Founded in 2014, Open Farm is a premium pet food company with annual sales exceeding $250 million. In 2021, it raised $65 million. As of June 8, Open Farm has partnered with PetSmart to sell its products in about 1,700 stores across the U.S. and Canada. According to registration documents, Open Farm is expected to receive B Corp certification in May 2024. The Underbite analyzed that while PetSmart's entry could enhance brand recognition, it may strain relationships with independent retailers. There is no direct connection between this IPO effort and digital assets or blockchain businesses.

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