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

Sovos Brands Inc. /zigman2/quotes/229497596/composite SOVO -0.07% , 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 -3.89% and EngageSmart Inc. /zigman2/quotes/229492983/composite ESMT -0.12% in opening for trading on Thursday alone. The Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -1.22% has gained 8.1% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.11% is up 18.6% for the period.

/zigman2/quotes/229497596/composite

Add to watchlist SOVO

Sovos Brands Inc.

US : U.S.: Nasdaq

$ 14.98

-0.01 -0.07%

Volume: 225,167

Oct. 22, 2021 4:00p

P/E Ratio

124.63

Dividend Yield

N/A

Market Cap

$1.51 billion

Rev. per Employee

N/A

/zigman2/quotes/229492987/composite

Add to watchlist RELY

Remitly Global Inc.

US : U.S.: Nasdaq

$ 34.12

-1.38 -3.89%

Volume: 633,420

Oct. 22, 2021 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$5.77 billion

Rev. per Employee

$197,658

/zigman2/quotes/229492983/composite

Add to watchlist ESMT

EngageSmart Inc.

US : U.S.: NYSE

$ 34.39

-0.04 -0.12%

Volume: 336,043

Oct. 22, 2021 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$5.54 billion

Rev. per Employee

N/A

/zigman2/quotes/207665280/composite

Add to watchlist IPO

Renaissance IPO ETF

US : U.S.: NYSE Arca

$ 68.57

-0.85 -1.22%

Volume: 49,585

Oct. 22, 2021 4:10p

/zigman2/quotes/210599714/realtime

Add to watchlist SPX

S&P 500 Index

US : S&P US

4,544.90

-4.88 -0.11%

Volume: 1.82B

Oct. 22, 2021 5:04p