Sovos Brands Inc. (NAS:SOVO) , 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. (NAS:RELY) and EngageSmart Inc. (NYS:ESMT) in opening for trading on Thursday alone. The Renaissance IPO ETF (PSE:IPO) has gained 8.1% for the year to date while the S&P 500 index (S&P:SPX) is up 18.6% for the period.
Sept. 23, 2021, 12:37 p.m. EDT