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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 +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.

/zigman2/quotes/229497596/composite
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
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/zigman2/quotes/229492987/composite
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
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/zigman2/quotes/229492983/composite
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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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 28.85
+0.94 +3.37%
Volume: 29,051
Jan. 27, 2023 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,070.56
+10.13 +0.25%
Volume: 0.00
Jan. 27, 2023 5:10p
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