Rao's sauce parent Sovos to go public as IPO prices below expected range

Sovos Brands Inc. 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 has advanced 5.4% over the past three months to outperform the S&P 500's 3.6% gain. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Rao's sauce parent Sovos to go public as IPO prices below expected range
Sovos Brands Inc. 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 has advanced 5.4% over the past three months to outperform the S&P 500's 3.6% gain. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.