According to three informed sources, Canadian pet food company Open Farm is preparing for an initial public offering on the Toronto Stock Exchange, which could be completed as early as this year.

Open Farm is a premium pet food enterprise producing dry food, fresh meals, treats, and nutritional supplements for dogs and cats, with annual sales exceeding $250 million. Founded in 2014, the company is committed to providing pet food from traceable sources. Headquartered in Toronto, Open Farm raised $65 million in its last funding round in 2017, led by General Atlantic. Both General Atlantic and Encore Consumer Partners currently hold minority stakes in the company.

It is reported that Open Farm is working with investment banks, including Goldman Sachs and Royal Bank of Canada, to advance its listing plans. However, Open Farm, Goldman Sachs, and Royal Bank of Canada all declined to comment.

If Open Farm's IPO is successful, it will join a group of consumer and retail companies seeking a favorable window for going public. These include global beauty firm Wella, retailer Tailored Brands, auto collision repair company Caliber Collision, and fast-food chains Jersey Mike's and Inspire Brands.

As pet owners continue to increase spending on their animals, the premium pet food market is experiencing explosive growth. However, many players in this sector remain privately held, such as Ollie, which was acquired last year by the family-owned conglomerate Agrolimen, and The Farmer's Dog. In contrast, Freshpet went public in 2014 and currently has a market capitalization of approximately $3.2 billion.