Sovos Brands Inc. /zigman2/quotes/229497596/composite SOVO +1.12% , parent company to pasta sauce brand Rao's and yogurt brand Noosa, soared 20.8% as trading began on Thursday. Shares priced at $12 per share, below the expected pricing range of $14 to $16. The company sold 23.33 million shares in the IPO to raise $280 million. The IPO pricing valued the company at about $1.17 billion. The stock is trading on the Nasdaq under the ticker symbol "SOVO." The company joins a number of others including Remitly Global Inc. /zigman2/quotes/229492987/composite RELY -9.11% and EngageSmart Inc. /zigman2/quotes/229492983/composite ESMT -2.08% in opening for trading on Thursday alone. The Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -4.67% has gained 8.1% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.89% is up 18.6% for the period.