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Sept. 23, 2021, 12:37 p.m. EDT

Rao's sauce, Noosa yogurt parent Sovos Brands soars 21% as trading begins after IPO

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By Tonya Garcia

Sovos Brands Inc. /zigman2/quotes/229497596/composite SOVO +2.05% , 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 -1.96% and EngageSmart Inc. /zigman2/quotes/229492983/composite ESMT -1.61% in opening for trading on Thursday alone. The Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -1.58% has gained 8.1% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.11% is up 18.6% for the period.

/zigman2/quotes/229497596/composite
US : U.S.: Nasdaq
$ 14.41
+0.29 +2.05%
Volume: 738,904
Feb. 8, 2023 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.43 billion
Rev. per Employee
$1.32M
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/zigman2/quotes/229492987/composite
US : U.S.: Nasdaq
$ 12.49
-0.25 -1.96%
Volume: 390,028
Feb. 8, 2023 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.17 billion
Rev. per Employee
$332,102
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/zigman2/quotes/229492983/composite
US : U.S.: NYSE
$ 19.60
-0.32 -1.61%
Volume: 438,971
Feb. 8, 2023 4:00p
P/E Ratio
222.85
Dividend Yield
N/A
Market Cap
$3.30 billion
Rev. per Employee
$356,953
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 29.22
-0.47 -1.58%
Volume: 14,776
Feb. 8, 2023 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,117.91
-46.09 -1.11%
Volume: 0.00
Feb. 8, 2023 4:00p
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