Sovos Brands Inc. /zigman2/quotes/229497596/composite SOVO -0.07% is all set to go public Thursday, after the Colorado-based Rao's pizza sauce parent's initial public offering priced overnight at $12 a share, which was below the expected range of between $14 and $16 a share. The company sold 23.33 million shares in the IPO, as expected, to raise $280.0 million. The IPO pricing values the company at about $1.17 billion. The stock is expected to begin trading on the Nasdaq some time after the opening bell under the ticker symbol "SOVO." The company is going public during a record year for IPOs, and at a time that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -1.22% has advanced 5.4% over the past three months to outperform the S&P 500's /zigman2/quotes/210599714/realtime SPX -0.11% 3.6% gain.