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

Sovos Brands Inc. /zigman2/quotes/229497596/composite SOVO +1.48% , 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 -4.61% and EngageSmart Inc. /zigman2/quotes/229492983/composite ESMT +4.05% in opening for trading on Thursday alone. The Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +3.37% has gained 8.1% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.25% is up 18.6% for the period.

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Sovos Brands Inc.

US : U.S.: Nasdaq

$ 13.69

+0.20 +1.48%

Volume: 166,854

Jan. 27, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$1.36 billion

Rev. per Employee

$1.32M

/zigman2/quotes/229492987/composite

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Remitly Global Inc.

US : U.S.: Nasdaq

$ 11.80

-0.57 -4.61%

Volume: 756,522

Jan. 27, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$2.11 billion

Rev. per Employee

$332,102

/zigman2/quotes/229492983/composite

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EngageSmart Inc.

US : U.S.: NYSE

$ 20.32

+0.79 +4.05%

Volume: 553,453

Jan. 27, 2023 4:00p

P/E Ratio

233.30

Dividend Yield

N/A

Market Cap

$3.23 billion

Rev. per Employee

$356,953

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Renaissance IPO ETF

US : U.S.: NYSE Arca

$ 28.85

+0.94 +3.37%

Volume: 29,051

Jan. 27, 2023 4:00p

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S&P 500 Index

US : S&P US

4,070.56

+10.13 +0.25%

Volume: 0.00

Jan. 27, 2023 5:10p