Open Farm plans IPO at $1B valuation on Toronto Stock Exchange

Open Farm, the Toronto-based premium pet food company, is heading toward a public listing at roughly a $1 billion valuation. Co-founders Isaac Langleben and Jacqueline Prehogan are steering the company onto the Toronto Stock Exchange, with Goldman Sachs and RBC engaged to manage the process.

The offering was originally aimed at a June 2026 launch. Markets had other plans, and the timeline has since shifted to fall 2026.

From ethical dog food to billion-dollar brand

Open Farm was founded in 2014 with a fairly simple premise: pet food made from ingredients that are actually traceable. Annual sales have grown past $250 million, built on a product line distributed through major retail channels across North America.

The company began stocking shelves in 1,700 PetSmart locations in June 2026. In 2021, General Atlantic led an $80 million growth investment into the company.

Langleben and Prehogan were named Canada’s EY Entrepreneur of the Year in 2025.

Why a pet food company is worth watching for investors

The IPO is expected to target a raise in the $300 to $400 million range, according to research findings. At a $1 billion valuation, that would imply a meaningful stake being offered to public market investors.

Market volatility pushed Open Farm’s timeline back once already, with the team delaying from the original June window to fall 2026.

The Toronto listing is notable on its own. Canadian IPO markets have been relatively quiet in the consumer sector, and a billion-dollar offering from a domestically founded brand would be a meaningful event for the TSX.

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